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.
Rajan was speaking at a news conference.
The introduction of GST would constitute India's biggest reform.
'Both IIP and CPI inflation numbers are showing a huge disconnect from the leading indicators.'
The convertibility is RBI Governor's 'next big ambitious goal'.
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.
S&P warned about spending on subsidies and heavy government debt.
It was 2.6% in January.
Sahoo panel suggests India must ease global borrwoging norms for corporate houses.
RBI governor Raghuram Rajan says a cut in cash reserve ration will not at all impact lending rates.
New Delhi has missed its target for partial privatisations for the past five years
State-owned banks have amassed bad loans faster than private sector lenders.
Investors and manufacturers have long advocated the GST.
IMF MD Christine Lagarde hailed the government's latest Budget.
Exports in February fell to $21.55 billion compared with $25.35 billion a year ago
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