>Can any Git experts please comment if there an alternative to doing this this 
>way.

If you have a moment, take a look at git describe as an idea. It basically 
gives you the latest tag and a number of commits since then and a hash. Its not 
a simple sequence, but see if it helps.

This one is okay.

http://alblue.bandlem.com/2010/11/automatically-tagging-builds-with-git.html

Read Me:

http://git-scm.com/book/en/Distributed-Git-Maintaining-a-Project#Generating-a-Build-Number


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