"We will contain fiscal deficit at 4.1 percent (of the GDP). It is a tough task... There are clear signs of economy picking up, the government has taken very large number of bold decisions, the Budget has been very well received. We will see the buoyancy in revenue coming up," Mayaram said on the sidelines of an event here.

On the deficit zooming to 56 percent of the Budget 2014-15 target in the first quarter (April-June) itself, Mayaram said: "In certain months, the government expenditure is higher. In those months, it is not necessary that revenues will also be higher. For instance you know taxes are collected in certain periodical manner. So taxes...May come in September and expenditure may be in May."

Finance Minister Arun Jaitley in the Budget speech has announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes on auto and other sectors to promote industrial output and boost growth.

After remaining at sub-5 percent in last two fiscal years, economic growth in the ongoing fiscal year is estimated to be between 5.4 and 5.9 percent.

PTI