India and Germany signed a deal on Monday to fast-track business approvals.
Although the RBI is not statutorily independent from the government, Rajan, like previous RBI Governors, has long valued his independence.
The government is aiming for an 8-10 per cent annual economic growth.
The rapid deceleration in prices has ignited a debate in New Delhi whether Asia's third-largest economy is heading towards deflation.
Many officials had been talking of taking the baton of global growth.
Fifteen months after taking power, Modi's credibility as an economic manager is on the line.
Robust growth in indirect tax receipts points to a nascent revival in manufacturing sector.
Local businesses are fretting over reform setbacks.
Opposition politicians on Wednesday stalled a last minute attempt by Prime Minister Narendra Modi's government to pass the Goods and Service Tax bill.
GST is the biggest revenue shake-up since independence
Modi placed a $12.6 billion bet in this year's budget on road building
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's existing web of federal and state sales taxes is levied at different stages of the supply chain and often results in double taxation, while forcing trucks to spend nearly a quarter of their road time in border checks or other inspections.
Worries over Greece sparked a sell-off in emerging markets on Monday
Retail food inflation eased to 4.80% last May.
The government plans to transfer all subsidies including food, fertiliser and kerosene, potentially taking direct payments to more than $60 billion.
New Delhi says existing food stocks will be sufficient to contain any food price shock.
Overhauling India's bloated and often sluggish state banks is critical for the government
He assured fears of food shortages were far-fetched.
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