The projected revenue for any year in a State shall be calculated by applying the

projected growth rate over the base year revenue of that State.

Illustration- If the base year revenue for 2015-16 for a concerned State, calculated as per section 5 is one hundred rupees, then the projected revenue for financial year 2018-19 shall be as follows-

Projected Revenue for 2018-19-100 (1+14/100)3