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Union Minister of State for Finance Jayant Sinha said since the macroeconomic situation in the country is getting stabilised through the efforts of the government, one can expect the Reserve Bank of India to reduce the interest rates on June 2. He was addressing a gathering of industrialists here on Tuesday.
"Our major achievement has been the restoring of the macro-economic fiscal stability and reviving the investor confidence. When we took over a year ago, the confidence in India's growth story was at its lowest ebb; inflation was at eight-10 per cent for many years; fiscal deficit was high at four-five per cent; current account deficit was at around five per cent," he said.
