Chief Economic Advisor Arvind Subramanian has said the price deflation is the real challenge looming ahead. He however said the overall economic growth is in the right direction and fixed capital formation has shown signs of improvement. Talking to reporters in New Delhi, Mr Subramanian said underlying buoyancy is seen in indirect tax revenue collections. He said GDP numbers should be treated with particular care as when they are reassessed, the growth rate will be closer to 8 percent. Mr Subramanian said, now the pace of growth is below what is needed by the economy.