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
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.
Here is some background on the candidates seen as potential successors to Rajan at the RBI
As the clean-up has taken hold, loan growth slipped to 10.7 per cent in the last fiscal
Rajan was expected to join the search committee to appoint three external members of a new six-member RBI Monetary Policy Committee
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
As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety.
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.
The six AP-1000 reactors would be built in Andhra Pradesh.
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
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
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
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