India's advance tax revenue swells 76.8 pct in Q1: Economic Times

NEW DELHI: India's advance tax revenue grew 76.8 percent in the first quarter of this fiscal year to 303.99 billion Indian rupees ($6.8 billion), despite fears of an economic slowdown, the Economic Times reported on Saturday.

"The trend is very encouraging," an unnamed finance ministry official told the daily. "It shows that growth story is intact."

Another official, however, said the numbers given were provisional.

Asia's third-largest economy is set to grow around 8 percent this fiscal year, faster than any major economy except China. However, worrying economic trends, from accelerating inflation to declining foreign investment, have suggested the shine may be coming off India's blistering growth story.

Copyright Reuters, 2011