A gradual weakening of the rupee, however, may add to inflationary pressures.
Rbi cut rates for teh third time to ease economic situation.
RBI will cut rates in its next policy announcement on June 2.
Modi's government plans to support domestic demand
The government had no option but to cut spending to meet its borrowing targets.
Officials said the government had no option but to cut spending.
The RBI holds its next policy meeting in early June.
The finance ministry is seeking to speed up deals with outside investors.
Modi sees export-led growth one of the best ways to create jobs.
The introduction of GST would constitute India's biggest reform.
Traders believe the RBI will step in more strongly, if the rupee starts falling towards 65
The convertibility is RBI Governor's 'next big ambitious goal'.
Concern would kick in if imports stay at or over 100 tonnes a month.
Exports to Europe shrank by near 2 per cent in the 11 months.
India needs to move towards full capital account convertibility to become a leading global economy.
It was 2.6% in January.
The revision was announced before Indian markets opened on Thursday.
Lenders fret over stubbornly weak credit growth and still high funding costs.
New Delhi has missed its target for partial privatisations for the past five years
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