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