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Appreciating the surprise rate cut announced early in the morning, the Finance Ministry has said this shows the Government and RBI are on the same path for growth.
Chief Economic Advisor Arvind Subramanian said the rate cut is consistent with the Budget and the Economic Survey. He also said the economy is recovering, but many indicators for 8-8.5 per cent growth are still weak.
"I think if you take all that's happened in the last few days; the rail budget, the Union Budget and the Economic Survey and now the RBI cut, all these suggest that the economy is on it's way to maintaining a healthy momentum, and the outlook looks good because it is backed by data and reforms. The Budget is hopefully going to push forward growth. So if the outlook looks good, then I think the rating agencies should draw their lessons from that improving outlook," he told reporters on Wednesday.
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