Das, who was speaking at the Bloomberg India economic summit in Mumbai, took charge in December and since then the RBI's monetary policy committee has delivered four successive rates cuts.
"When we see that the price stability is maintained and inflation is much below the 4-per cent mandate and is expected to be so in the next 12 months horizon, there's a room for more rate cuts especially when growth has slowed down," he said.
"So far as the fiscal side is concerned, the government has by and large remained prudent. They have not announced any countercyclical measures that would have lead to fiscal expansion. Most of these things announced are non-fiscal. I think the fiscal space is itself very limited."