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Rate cut a vote of confidence in budget - Jayant Sinha

Reuters
A security guard stands in the lobby of the Reserve Bank of India (RBI) headquarters in Mumbai July 30, 2013. REUTERS/Vivek Prakash/Files

NEW DELHI (Reuters) - 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, Sinha said the government aimed for a non-inflationary, sustainable growth path.

Commenting on the gains in Indian financial markets, Sinha said: "We have moved from a hope rally to a conviction rally".

(Reporting by Manoj Kumar; Writing by Douglas Busvine; Editing by Malini Menon)