The government has done its bit by sticking to fiscal consolidation path to contain deficit at 3.9 percent of GDP this fiscal and further cut it to 3.5 percent of GDP in the year beginning April 1.

Also, the government has lowered small savings interest rates to make room for lower lending rates.

"I want what everybody wants," he told media when asked what his expectations were from RBI Governor Raghuram Rajan at the April 5 monetary policy review.

Jaitley said the small savings interest rates had to be cut as they were "extraordinarily high" which were leading to high lending rates.

Given that inflation is around 5 percent, high interest rates could make the Indian economy sluggish, he added.

The RBI is scheduled to unveil its first bi-monthly monetary policy of 2016-17 on April 5 amid clamour from India Inc for up to 50 basis points cut in rates to boost industrial output and growth.

Asked if RBI would respond to government decision to stick to fiscal consolidation roadmap with a rate cut, he said, "Why don't you wait for week."

Retail inflation, as measured by the Consumer Price Index (CPI), rose 5.18 percent, while wholesale price (WPI) based inflation was (-)0.91 percent in February.

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