Modi will also need to reconcile market demands with those from forces within his own administration
While a pick-up in summer monsoon rains in recent weeks is expected to cool food inflation, most analysts don't anticipate another rate cut before a new governor is on the job
Panagariya, who heads the government's main economic advisory body NITI Aayog, is also India's Group of 20 summit negotiator
Annual growth in electricity production last month slowed to 4.6 per cent from 14.7 per cent in April.
India is gearing up to introduce a six-member monetary policy committee that would vote on interest rates.
Here is some background on the candidates seen as potential successors to Rajan at the RBI
While he has plenty of critics at home, Rajan is a favourite among foreign investors and has been credited for bringing inflation under control.
Even before Prime Minister Narendra Modi swept to power in 2014, Subramanian Swamy was agitating for Rajan's removal.
Raghuram Rajan joked he wasn't expecting to win any votes or Facebook 'likes' in the position.
The RBI is not statutorily independent from the government but has long enjoyed wide latitude
Imports dropped 13.16 per cent year-on-year
A two-year extension at the helm of the RBI still looks a real possibility
The first signs of growing bonhomie between Modi and Rajan came early last year, when Modi called Rajan the "best teacher" for explaining complex economic issues to him.
India's upbeat outlook contrasts with neighbouring China, where growth slipped to 6.7 in the first quarter
The prospect of further falls in remittances is a hindrance for the Reserve Bank of India, as it seeks to bullet-proof the economy against sudden capital outflows
The funds, some of which have invested in the NSE for almost a decade, want the exchange to list as soon as possible so that they can exit and pay back investors in their funds
The ratings agency currently rates India at Baa3
Slowing inflation prompted the RBI to cut the policy repurchase rate last month by 25 basis points to 6.50 percent, the lowest since 2011.
Mauritius and Singapore account for the bulk of the $278 billion in foreign equity investments since 2000
Now, funds from Mauritius interested in India will have to weigh paying capital gains taxes that could range from zero to as much as 20 per cent
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