India's fuel demand in September rose at the fastest pace in more than a decade.
After making a larger-than-expected cut of 50 basis points on September 29, Rajan urged the federal government to do its bit to accelerate growth through structural reforms.
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.
Finance Minister Arun Jaitley, who wants pension and insurance funds to invest more in equities and infrastructure.
The rapid deceleration in prices has ignited a debate in New Delhi whether Asia's third-largest economy is heading towards deflation.
The fields have reserves of about 89 million tonnes
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.
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.
IOC, the key importer of petrol, has sought almost 700,000 tonnes for March-September delivery.
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.
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.
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