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.
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.
Prime Minister Modi chatted with the workers, enquiring about the place and their welfare and jobs.
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.
GST is the biggest revenue shake-up since independence
Modi's'Make in India' drive launched last September included laying out a model of "port-led" development that would support industrial growth.
This is another blow to Modi's ambitious economic reform agenda that has been stalled by a logjam in parliament
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 placed a $12.6 billion bet in this year's budget on road building
Modi denies the charges and was exonerated in an Indian Supreme Court inquiry in 2012.
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