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
Modi denies the charges and was exonerated in an Indian Supreme Court inquiry in 2012.
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.
As Modi completes a year in office, his cuts in federal welfare spending on the poorest of India's 1.25 bn people are coming in for sharp criticism.
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.
The introduction of GST would constitute India's biggest reform.
The convertibility is RBI Governor's 'next big ambitious goal'.
Exports to Europe shrank by near 2 per cent in the 11 months.
India needs to move towards full capital account convertibility to become a leading global economy.
It was 2.6% in January.
New Delhi has missed its target for partial privatisations for the past five years
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