Attributing the expected fall in excise collections this fiscal to poor growth in the petroleum sector, which accounts for 46 per cent of total excise mop up, the government on Tuesday said it hoped to make up additional revenue through collections due to manufacturing growth.

"The pressure point has been the excise duties especially from the petroleum sector. We expected a growth rate of 24 per cent in the sector but the actual growth was only 10.76 per cent," Central Board of Excise and Customs chairman A K Singh told the customary post-Budget press conference in New Delhi.

However, finance secretary D C Gupta stepped in saying that the shortfall would be made up with increase in other taxes, especially corporation tax.

He said even the shortcoming in the income tax would be made up by the end of this financial year.

"There has been shortfall in personal income tax and it is being made up from the burgeoning performance in the corporation tax," Gupta said, adding by the end of 2003-04, "we will have excess" indicating that it would be achieved despite the giveaways announced last month.

The ministry officials asserted that the growth target of 7.5-8 per cent this year was achievable due to certain positive factors.

Similarly, the fiscal deficit could also be reined in due to savings in capital expenditure, including defence, and the rationalisation of subsidies in food and fertiliser.