Panagariya urged the government to undertake labour law reforms and make land acquisition more flexible to attract the multinationals.
The prime minister noted that there may not have been any major public events in countries around the world and in India for around a year-and-a-half, but the enthusiasm for Yoga Day has not diminished.
Here's a recap of the events from the past 24 hours.
Prime Minister Narendra Modi, who arrived in New York on Thursday on his second visit to the United States, has a "packed schedule" ahead of him, during which he will address world leaders at a landmark United Nations sustainable development summit and interact with top CEOs and the Indian Diaspora in the Silicon Valley.
The MEA said Indian nationals residing in Iraq are advised to be alert and may avoid travel within Iraq. The DGCA asked airlines to take all precautions in airspace over Iran, Iraq, Gulf of Oman and waters of Persian Gulf.
Two tremors struck Nepal on Monday, keeping people on edge as the country struggled to rehabilitate millions.
The lawyer for a domestic help employed by Devyani Khobragade on Thursday said it is frustrating and disappointing that the focus in the case has shifted from the crimes that were committed against her client to the Indian diplomat.
India on Friday expelled senior American diplomat within hours of Indian diplomat Devyani Khobragade being asked to leave the United States after her indictment in a visa fraud case for which she was arrested nearly a month ago, triggering strong reaction from the government here.
No theory would ever justify the public humiliation of the acting head of the consulate of a friendly country. Whatever be the eventual solution, grievous damage has been done to her personally and to the relations between the two countries, says Ambassador T P Sreenivasan.
There are still a few lingering issues towards the progress of India-China bilateral relations, the approach for dealing with each other seems to be quite different. With Modi-Xi bonhomie strengthening, it seems that India and China are ready to recalibrate their approaches towards each other, says Sana Hashmi.
India on Friday spoke in conciliatory language on the issue of its senior diplomat Devyani Khobragade case, saying that it was important to "preserve" the "valuable" bilateral relationship even as the United States ruled out the demand for dropping of the charges against her.
Air India has started three flights per week - on Sundays, Wednesdays and Fridays.
Within a few hours of Nitish Kumar leaving the NDA, entirely reasonable people were speculating as to how the CBI or ED could be used against him or his party, notes Mihir S Sharma.
In the book, 'Where Borders Bleed: An Insider's Account of Indo-Pak Relations', Rajiv Dogra says that a judge had told him of this.
He also said that when it comes to proscribing some terrorists, the United Nations Security Council (UNSC) has 'regrettably' been unable to act in some cases because of 'political considerations'.
A day before Ambassador Meera Shankar was to return home after completing her tenure in the US in the summer of 2011, her maid, without informing anyone, left her official residence on the outskirts of the city never to return.
The United States is deploying up to 275 military personnel in Iraq to protect its citizens and property as the war-torn country battles a dramatic sweep by insurgents there.
Kansas Governor San Brownback has written a letter to Prime Minister Narendra Modi expressing "profound regret" at the terrible act of violence against the Indian nationals last month and said that acts of hate and intolerance have no place in his state.
The government has conveyed its "deep concern" to the US administration over attacks on Indians there, External Affairs Minister Sushma Swaraj said on Wednesday, asserting that the safety of Indian diaspora was a top priority.
The two-and-a-half-foot idol was looted from the Sivan Temple in Tamil Nadu's Sripuranthan village.
India believes in sabka saath, sabka vikas, sabka vishwas, sabka prayaas and walks ahead with it, Modi said.
Let's take a look at how the world is gearing up for this mega event:
The victim, identified as 39-year-old Deep Rai, was working on his vehicle outside his home in Kent, Washington when the unidentified man shot him in the arm.
The new rail and road cargo service launched on Friday, linking Guangdong, Tibet and Nepal, aims to boost trade with the South Asian neighbour as China pushes forward its Belt and Road (Silk Road) initiative, state-run Xinhua news agency reported on Saturday.
Callamard said her inquiry had "determined that there is credible evidence, warranting further investigation of high-level Saudi Officials' individual liability, including the Crown Prince's".
WikiLeaks has dismissed a claim that its founder Julian Assange called Narendra Modi "incorruptible" and accused a Bharatiya Janata Party leader from Maharashtra of pushing this "fake" endorsement in support of the party's prime ministerial candidate.
The Portuguese PM later visited churches at Old Goa as well as Mangueshi temple in North Goa.
Workers' outfits staged a rally outside the Indian Consulate in New York to show support for Sangeeta Richard, whose allegations of low wages and exploitation led to the Indian diplomat Devyani Khobragade. George Joseph reports
Angry supporters of the hardline Islamist party Tehreek-e-Labbaik Pakistan (TLP) attacked a garment factory on Friday and lynched its general manager Diyawadana, who was in his 40s, before setting his body on fire over allegations of blasphemy.
'Only my friends know how I live here in Manhattan, saving every penny... Life in New York has not been not easy for me,' Devyani Khobragade told friends and colleagues.
In a sudden development, S Jaishankar, India's Ambassador to the United States, was on Wednesday night appointed Foreign Secretary, replacing Sujatha Singh whose tenure has been abruptly 'curtailed" by nearly 8 months.
After the Charlie Hebdo shootings earle this year, France has been continuously hit by terrorists.
The Vibrant Gujarat is a biennial event organised since 2003 by the Gujarat government to attract investment to the state.
Five Indian fishermen were given the death penalty by a Sri Lankan court on Thursday for alleged drug trafficking, prompting a response from India that it will appeal to a higher court against the judgement.
A 25-year quest by nearly 1,000 scholars to document and present one of the world's oldest living traditions came to fruition when the 'Encyclopedia of Hinduism' was unveiled in Columbia.
Special CBI Judge Vinod Kumar passed the order after Rajan, produced before the court via video conferencing, pleaded not guilty and claimed trial.
At $2.6 trillion, the Indian economy is currently ranked sixth in the world behind the US, China, Japan, Germany and the UK.
Three suicide bombers struck in Saudi Arabia on Monday, including a shocking attack at Islam's second holiest site, the Prophet's Mosque in Medina, where four security guards were killed.
A day after India stepped up security for the United States embassy and other American institutions, External Affairs Minister Salman Khurshid on Fridaysaid the decision was not based on "reciprocity but on threat perception".
S Jaishankar, the new Indian ambassador to the United States, on Thursday met top officials of the State Department to convey India's strong protest over the arrest of its senior diplomat in New York over visa fraud charges, even though she had diplomatic immunity.
