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.

Three policymakers aware of the central bank's deliberations on the Budget said they are combing through the numbers to test how Jaitley struck a balance, and question some of the assumptions.

RBI's tricky strategy to ease market's pre-Fed jitters.

India was less directly affected by the Chinese stock market rout and yuan devaluation that battered currencies and markets in the region.

Raghuram Rajan remains focused on a long-term inflation target of 4 percent.

The new hire, Gangadhar Darbha, joined as a consultant

RBI takes steps to control inflation but the masses are not convinced.

India's current limit of $25 billion for ownership of government bonds by FIIs is fully utilised, leading to calls for increasing it

The revision was announced before Indian markets opened on Thursday.

India is Asia's third-best performing equity market.

Only three of India's 45 commercial banks have cut base lending rates since the Reserve Bank of India's surprise easing this month, hurting the government's drive to lift business investment.

Infrastructure bonds were launched by the RBI last year in a bid to help the government fulfill its plan to provide affordable housing to all by 2022

Dealers also expect RBI to try to prevent excessive strength in the rupee in a bid to help exporters remain competitive

The central bank will come out with two measures on restructuring to tackle financial stress, Rajan said.

Companies are legally allowed to invest in markets in India, but the practice has seldom stirred central bank concern until recently, when they have become much more active players.