India's economic growth in the current fiscal year ending March is likely to be around 7 percent and not 8 percent, said Montek Singh Ahluwalia, deputy chairman of the Planning Commission, on Thursday.

"I have said that the likely GDP growth this year is likely to around 7 percent, not 8 percent. It could be a little more (than 7 percent), depends upon what the last quarter (Jan-Mar) is like," Ahluwalia told reporters in New Delhi after the release of November factory data that unexpectedly rose 5.9 percent.

Ahluwalia told Reuters in an interview on Wednesday that India risked undermining the credibility of its economic outlook if it fails to reform its public finances.