Meanwhile, Subhash Chandra Garg also added that low interest rates and availability of credit in the private sector are better tools than any fiscal stimulus.

The comments muted hopes of any stimulus package from the government to bolster growth and revive weakening consumer sentiment.

“Growth in India went far ahead of checks and balances of governance and without governance, you can’t grow in a sustained manner,” Subramanian said, according to MoneyControl.

The markets have been looking to a fiscal boost in sectors like automobiles after finance minister Nirmala Sitharaman failed to provide support for either consumption or investment, LiveMint reports.

Both consumption and investment have dragged on growth in India, which slipped to a five-year low of 5.8% in the January to March period.

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