The Centre will roll out more fiscal correction steps between now and October 30, Finance Minister P. Chidambaram said here today.
This could pave the way for the Reserve Bank of India to come up with a far more supportive response for economic growth at its next policy review meeting slated for October 30, according to Chidambaram.
He also indicated that the Government would by October 30 lay out a path of fiscal correction, after factoring in the committee recommendations.
Chidambaram made it clear that he was not disappointed with the RBI's latest decision to keep the policy rates unchanged.
On the 25 basis point CRR cut, the Finance Minister said it was a small but welcome step.
The latest mid-quarter review by RBI is encouraging and supportive, Chidambaram told reporters here.