The Prime Minister's advisory council today revised the growth target for the current fiscal from 6.5 per cent to 7 per cent. Addressing CEO's forum of International Chamber of Commerce in New Delhi this morning, the Chairman of the Panel Dr C Rangarajan said that the growth rate in the next fiscal will be between 7 to 8 per cent and will reach to 9 per cent in the subsequent year. He called for bringing down the fiscal deficit to manageable levels. It is presently stand at a high rate of 6.8 per cent which he said is unsustainable. He said that steps need to be taken to arrest this trend and this can be achieved by cutting avoidable government spending and revision of excise rates and service tax.