Nov. 8 (Bloomberg) -- India will “wind” down fiscal stimulus from next year as Asia’s third-largest economy recovers to growth of more than 7 percent, Prime Minister Manmohan Singh said today.

“There are clear signs of an upturn in the economy,” Singh told the India Economic Summit in New Delhi organized by the World Economic Forum. “Like other countries we resorted to a significant stimulus and we will take appropriate action next year to wind this down.”

Singh’s comments came after U.K. Prime Minister Gordon Brown yesterday urged the Group of 20 nations including India to maintain stimulus measures as the global recovery is still incipient. India’s central bank last month took the first steps to withdraw the easy money from lenders on concern that excess funds in a rebounding economy may stoke inflation.

To contact the reporters on this story: Kartik Goyal in New Delhi at kgoyal@bloomberg.net. Cherian Thomas in New Delhi at cthomas1@bloomberg.net

Last Updated: November 8, 2009 01:20 EST