Chief Economic Adviser Arvind Subramanian today said inflation has moderated considerably, rupee has been stable and rural wages and Minimum Support Prices are seeing moderation. Briefing media in New Delhi, Mr Subramanian said, GDP growth would be between seven to seven and a half percent. Expressing confidence that India will be able to meet fiscal deficit target of 3.9 per cent, he said emphasis is to meet fiscal deficit aim without spending cut.Mr Subramanian also said fiscal outlook will be a little bit challenging next year. The CEA said economy is recovering, but it is hard to be definitive about length and breadth of recovery. He said indirect tax collections have been very buoyant. He said, economy is powered by private investment and public consumption at the moment. He also said economy is well-cushioned to absorb any volatility that might come about because of recent US federal reserve actions.