The Finance Ministry today said that with inflation in decline and the US Fed handing emerging markets a lifeline by not raising interest rates, there is a "favourable" environment for monetary policy action by RBI.Minister of State for Finance Jayant Sinha said central banks globally tend to take a data-driven approach towards their monetary policies. He was speaking to media on the sidelines of a PAFI event in New Delhi.Mr. Sinha said, with respect to India, we would continue to do what we are doing, which is to strengthen our real economy to ensure we follow robust policies, and as far as monetary policy is concerned, Governor Raghuram Rajan and RBI will make appropriate decisions.