IndiGo was set up in 2006 by businessman Rahul Bhatia and Rakesh Gangwal, a former CEO for US Airways Group.
Encouragingly, the recovery also appears to be becoming broad-based
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.
India's tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds.
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.
The rupee has fallen more than 2 per cent against the dollar since the yuan devaluation
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
India's mutual funds are seeing a surge in stock investments from the hinterland as growing ranks of provincial retail investors help drive a two-year long rally.
An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011
Modi placed a $12.6 billion bet in this year's budget on road building
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.
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