NEW DELHI, June 12 (Reuters) - The case for changes to capital gains taxes on equities is weaker than for bonds, India's Chief Economic Adviser V. Anantha Nageswaran said on Friday, suggesting the government sees less urgency for further tweaks to the tax regime for stocks.

India last week exempted foreign institutional investors from capital gains tax on government securities, part of moves designed to attract more capital at a time when surging foreign equity outflows, elevated oil prices, and an embattled currency weigh.

The South Asian nation, the world's third-largest oil importer and consumer, ships in about 90% of its oil and is one of the countries most exposed to prolonged war-related disruptions to global energy supplies.

Economists say sustained higher oil prices may hinder economic growth, inflation and government finances when the country is already bracing for an El Nino weather phenomenon that often portends drought.

The Reserve Bank of India's economic growth projection of 6.6% for the ongoing fiscal 2027 with a downside risk of 20-30 basis points is realistic, Nageswaran told broadcaster NDTV.

In February, Nageswaran projected economic growth of 7.0%-7.4% for fiscal 2027, estimates issued before the Middle East conflict.

The nation's fuel retailers may not have to pass on a lot more of higher oil prices to consumers, provided global prices conform with how financial markets expect them to settle lower for the full year, Nageswaran added.

State-owned fuel retailers raised fuel prices four times in May, further adding to price pressures.

(Reporting by Shivangi Acharya and Shubham Batra in New Delhi; Editing by YP Rajesh and Janane Venkatraman)