Finance Minister Arun Jaitley, who wants pension and insurance funds to invest more in equities and infrastructure.
Indebted developers are cutting staff as they slow work on existing projects and postpone new ones until they clear a backlog of 700,000 unsold homes
Modi's party also wants to regulate property markets and tie investor money to specific projects to stop developers diverting cash elsewhere.
Indian Oil Corporation's stake sale received overwhelming reponse from investors.
The trade deficit widened to $12.8 billion last month
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
The rupee fell 1.87 percent against the dollar this week, its biggest fall since late April.
Modi's'Make in India' drive launched last September included laying out a model of "port-led" development that would support industrial growth.
Finance Minister Arun Jaitley sought parliament's approval on Friday to increase the spending budget for this fiscal year by $4 billion, with almost half to be used to inject extra capital into state banks struggling with bad loans.
Economists and investors want RBI to retain independence in setting rates
The government said on Wednesday a consensus was needed quickly to pass a business-friendly land reform law
The wholesale food index rose 2.88 per cent year-on-year.
India plans to phase in cash transfers of food and kerosene subsidies from September, saving 10-15 per cent of the $21 billion in annual outlays on the benefits by eliminating fraud, a senior finance ministry official said on Thursday.
Worries over Greece sparked a sell-off in emerging markets on Monday
Modi's government plans to support domestic demand
The government had no option but to cut spending to meet its borrowing targets.
Officials said the government had no option but to cut spending.
The RBI holds its next policy meeting in early June.
The finance ministry is seeking to speed up deals with outside investors.
Modi sees export-led growth one of the best ways to create jobs.
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