New Delhi: An interest rate cut on Wednesday by the Reserve Bank of India represents a vote of confidence in the government's fiscal consolidation efforts and will provide a near-term boost to the economy, Minister of State for Finance Jayant Sinha said.
Speaking to reporters after the RBI cut its main policy rate, Mr Sinha said the government aimed for a non-inflationary, sustainable growth path.
Commenting on the gains in Indian financial markets, Mr Sinha said: "We have moved from a hope rally to a conviction rally".
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