The rupee dropped to 72.2425 per dollar earlier this month, a whisker away from a nine-month low of 72.4075 set in September.
The statement comes in light of the Modi government recently saying that it will not be releasing the Survey of Consumer Expenditure, 2017-18 because of "data quality" issues
Thakur also listed out the steps taken by the government to boost economic activities.
Financial sector's performance has by far been most impressive with banks
Even though this will raise the overall public sector borrowing, the market will not react adversely as the money raised will be tied to funding specific needs, Bank of America Merrill Lynch said
The important thing is to signal to the market that the government is serious and ambitious.
Revises prediction from 6.2%, says slump lasting longer than expected
State Bank of India (SBI) joins global agencies such as the ADB, World Bank, OECD, RBI and the IMF in downgrading India's FY20 growth rates
Nomura chief economist Sonal Varma has put the Q2 growth at 4.2 per cent, similar to what SBI has estimated
The speed and energy with which the BJP's social agenda has been implemented stands in sharp contrast to the dilatory and timid approach the government has taken to structural economic reform.
Economists say that though Moody's cut is not really justified at this point, the move is a grim reminder of the state of the economy and the need to accept that all is not well
Moody's projects a budget deficit of 3.7% of GDP in the year through March 2020, a breach of the government's target of 3.3%.
Economic growth has slipped to a six-year low of 5 per cent for the June quarter and is expected to turn in lower than that in the September quarter
Market rarely reacts to the release of economic data such as GDP growth or factory output
Indian services export growth has outperformed that of the average emerging market in recent years. If global growth continues to be sluggish, India could enlarge its share of the cake
Moody's attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation
Like fans of filmstars or cricketers, investors have shown abiding faith in Mr Modi, who is still seen as a doer with the right intent and strong will
The direction is clear -- there will be more rate cuts but the pace will depend on the incoming data
Discarding attention-grabbing slogans, the government needs to aim for real GDP growth of 8 per cent and higher
ADB also slashed its growth estimate for India to 6.5 per cent from 7 per cent