India and Germany signed a deal on Monday to fast-track business approvals.
Although the RBI is not statutorily independent from the government, Rajan, like previous RBI Governors, has long valued his independence.
A Reuters poll showed only one out of 51 economists had expected a 50 basis points rate cut.
RBI Governor Raghuram Rajan is expected to express that cautiousness as he looks to manage expectations.
The government is aiming for an 8-10 per cent annual economic growth.
The rapid deceleration in prices has ignited a debate in New Delhi whether Asia's third-largest economy is heading towards deflation.
Across India, decades of mismanagement and political meddling have left utilities selling electricity below cost and turning a blind eye to rampant theft.
Many officials had been talking of taking the baton of global growth.
Fifteen months after taking power, Modi's credibility as an economic manager is on the line.
Lending rates have to be sensitive to the policy rate, says RBI.
Robust growth in indirect tax receipts points to a nascent revival in manufacturing sector.
At the current market price of the stock, that stake would be valued at about $1.5 billion.
The rupee has fallen more than 2 per cent against the dollar since the yuan devaluation
A total of 41 companies had applied for the permit
The spike at private sector lenders like ICICI Bank and Axis Bank follows a push to grab market share from India's dominant state banks.
Local businesses are fretting over reform setbacks.
Opposition politicians on Wednesday stalled a last minute attempt by Prime Minister Narendra Modi's government to pass the Goods and Service Tax bill.
GST is the biggest revenue shake-up since independence
The RBI's next policy review is set for Sept. 29.
Companies are still struggling to recover from years of exuberance.
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