The move comes amid reports that new wheat crop prices in Madhya Pradesh, which is one the biggest growing state has fallen to below the MSP of Rs 1,625 per 100 kilograms due to bumper harvest.
Kaushik Basu, whose stint at the World Bank ends on July 31, was being looked at as a serious contender, the sources said
Modi will also need to reconcile market demands with those from forces within his own administration
Rajan was expected to join the search committee to appoint three external members of a new six-member RBI Monetary Policy Committee
The weather office forecasts monsoon rains to be above average this year after the droughts ravaged crops and worsened rural distress
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.
The six AP-1000 reactors would be built in Andhra Pradesh.
India does not have a unified regulatory regime to counter Ponzi, or pyramid, schemes whose operators typically grab new deposits to meet their promise of guaranteed returns to existing savers, point out Manoj Kumar and Mayank Bhardwaj.
Apple is also expected to announce plans for a startup accelerator in India to work more closely with the Indian developer community that works on the company's iOS and OS X software platforms
Millions of farmers plant rice, cane, corn, cotton and soybean crops in the rainy months of June and July. Harvesting starts from October
Cook's visit, following a trip to China, comes at a crucial time as Apple looks for new growth markets after posting its first ever decline in iPhone sales
While many promises remain unrealised, power reforms and the creation of tens of millions of new bank accounts have helped Modi maintain his popularity
India, which wants to double its coal output by 2020, in February raised the tax on mining coal to $6 per tonne from $1 in a bid to make it more expensive to consume the dirty fuel
Monsoon is critical for the country's 263 million farmers and their rice, cane, corn, cotton and soybean crops because nearly half of its farmland lacks irrigation.
To meet the target, agriculture must grow at 15% compared to average of below 2% over the past four years
Monsanto has taken the government to court over the royalty.
Modi's irrigation push in the Budget is aimed at scoring on the political front along with achieving growth targets
Prime Minister Narendra Modi's landslide election in 2014 raised hopes he would draw a line under India's socialist past, cut welfare and reduce the government's role in business.
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