Arvind Subramanian says no need for extra stimulus, India to hit around 8% growth

India does not need further fiscal stimulus to revive the economy despite GDP growth seen at the lower end of an 8.1 per cent to 8.5 per cent target in the current financial year, the government's chief economic adviser said on Wednesday.

"I don't think extra stimulus at this stage is necessary," Arvind Subramanian said in an interview adding that the government will and must meet a fiscal deficit target of 3.9 per cent of GDP in the current fiscal year.

Subramanian was instrumental in Finance Minister Arun Jaitley's decision in February to soften the target from an initial 3.6 per cent to free up resources for a growth-boosting public spending stimulus.

(Reuters)