Progress on monsoons along with favourable base effect in 2HFY2017 continues to point towards RBI achieving its near 5 per cent inflation target by the year-end
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.
The stress in the banking sector, which mirrors the stress in the corporate sector, has to be dealt with in order to revive credit growth.
Here is some background on the candidates seen as potential successors to Rajan at the RBI
Rajan said India's good economic fundamentals would allow it to overcome any 'sharp corrections' in global markets
RBI promises to take all necessary steps, including liquidity support
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.
Imports dropped 13.16 per cent year-on-year
Rajan said the central bank has used up all its "space available" to cut interest rates
Anandabazar Patrika reported that Rajan would prefer to go back to the United States after his three-year term expires in early September
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.
Lenders have reported a surge in their bad loans in the six months to March after an asset quality review ordered by the central bank.
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 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.
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