Indian Economy: Growth -3

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<b>Delhi revenue collection falls 13% short of target in Q1</b>
pioneer.com<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Rajesh Kumar | New Delhi

The cocktail of Mumbai terror, swine flu and slowdown in economy has hit Delhi hard. The results of the first quarter show a shortfall of Rs 670.99 crore against the targeted revenue collection in the current financial year.

According to the data released by the Government,<b> the shortfall is around 13 per cent of the targeted growth </b>as compared to the revenue collection in 2008. The Government had pegged the revenue collection at Rs<b> 4,846.02 crore in the first quarter in the Budget Estimate (BE), but only Rs 4,176.03 crore</b> have been collected up to July.

<b>This is largely due to the fall in collection of luxury tax, levied on hotels and restaurants, and stamp duty on the sale and purchase of property</b>.

Finance Minister Dr Ashok Kumar Walia hinted that if the shortfall in revenue collection continued, the Government would be forced to reduce the Plan size of the next Budget, besides shelving some mega projects (which are not related to the 2010 Commonwealth Games). (Details on Page 3)<!--QuoteEnd--><!--QuoteEEnd-->