Finance Minister Pranab Mukherjee says, the government is not sitting idle on reforms and indicated cut interest rates by RBI in its review of Monitory policy on Monday to arrest the slowdown in the Economic growth.In his first public address after being nominated as the UPA candidate for the Presidential elections at Assocham conference in Mumbai today , he said government is taking steps to address concerns expressed by global agencies like Standard & Poor's and the industry. He said as Finance Minister, he cannot ignore the ground realities.Indicating that RBI too will be joining the government in dealing with the slowdown, he said he is confident that keeping in view all the factors, the RBI will adjust the monetary policy as Government is adjusting the fiscal policy.Mukherjee listed growing burden of petroleum subsidy as one of the difficult areas before the Centre for which he appealed to the States to reduce their taxes. He said he has written to the States that Centre will also respond but it has to be balanced because if the federal finance becomes weak, nobody will be able to bailout Indian economy.He said that he is concerned about the Eurozone crisis and the depreciating rupee as nearly 30 per cent of our exports are to Europe. However, Mukherjee said that exporters can take advantage of the depreciating rupee.