Panagariya also stressed that India must continue the liberalisation of its top tariff rates and the country should not revert back to import substitution.
A goal by striker David Villa earned Spain a 1-0 win over neighbours Portugal and a World Cup quarter-final place after an entertaining match on Tuesday in which the Portuguese also created several chances.
Harsh Mankad's Grand Slam debut ended with a first-round defeat as the Indian and his partner Ilija Bozoljac crashed out of the Wimbledon men's doubles event after losing to Juan Ignacio Chela and Eduardo Schwank in London.
The two American men arrested for their plans to travel to Somalia to join an Al Qaeda linked group and attack US troops, were denied bail on their second court appearance in New York
Sevilla coach Vincenzo Montella has suggested that the only way his side will be able to stop Manchester United forward Alexis Sanchez in Wednesday's Champions League last-16 first leg will be to tie the Chilean up with a rope.
French Open runner-up Robin Soderling ruined Eduardo Schwank's 24th-birthday celebrations when he thrashed the unseeded Argentine 6-2, 6-3 in the quarter-finals of the Barcelona Open on Friday.
Six football officials were arrested in Zurich early upon request from US authorities, suspected of receiving bribes worth millions of dollars, Swiss authorities said.
Arsenal eased into the group stages of the Champions League on Wednesday by outclassing Celtic 3-1 to enter Thursday's draw where they will be joined by Fiorentina, VfB Stuttgart, Olympiakos and APOEL Nicosia.
The 36th India Day Parade ran through about 13 streets in Madison avenue in Manhattan.
Argentina and Brazil both lost their opening World Cup qualifiers on Thursday as the South American campaign for Russia 2018 started in unexpected fashion.
Chile got the victory they needed if they are to have any chance of progressing from a daunting Group B when they held off a strong Australian fightback to emerge 3-1 winners in another open and entertaining World Cup clash on Friday.
The company recently expanded its services to 7 Indian cities.
Will it be the sexy Cruzs or the curvacious Kardashians?
Arsenal set up an FA Cup quarter-final against Hull City when they cruised past Championship (second division) side Burnley 3-0 in their delayed fifth round match at the Emirates Stadium on Sunday.
Arsenal striker Emmanuel Adebayor faces three weeks out after damaging his hamstring in the goalless draw with Tottenham Hotspur on Sunday.
Tens of thousands of demonstrators from across the United States converged on the nation's capital and New York on Saturday for a massive protest against the deaths of unarmed black men by law enforcement.
The 31-year-old is still recovering from the knee injury which forced him to limp out of the Euro 2016 final against France in the first half, coach Fernando Santos said.
People were seen breaking into high end stores around Manhattan's Madison Avenue and Fifth Avenue, home to almost all luxury and high-end brands from around the world, and running way with merchandise from the shops. Groups of people also looted pharmacies, electronic stores and other businesses across the city.
President Donald Trump needs to do better in caring for every single American, the triumphant US women's soccer captain Megan Rapinoe said, as she hit back at him after he lectured her to win the World Cup title before she talked.
JCT survived a scare before romping home 2-1 against defending champions Dempo in an ONGC I-League match at the Guru Nanak Stadium, in Ludhiana on Friday evening. With this win, JCT have 15 points from 12 matches while Dempo stayed on 17.
Ten images that show it's an odd, odd world we live in.
There is something of a 'new dawn' feeling about Euro 2008 and it has a lot to do with the absence of some of the great names of European soccer.
The 104-storey building's opening marks an emotional milestone for the United States.
Joining the list of nations that are keen to have the Nano ply on their roads, Cuba today said the world's cheapest car from the house of Tatas has huge potential in the Caribbean nation.
Punjab's premier outfit, JCT, continued their unbeaten run in the ONGC Indian Professional League, defeating Sporting Clube de Goa 4-2 in the seventh round.
JCT stunned defending champions Dempo 2-1 in their opening game of the I-League match.
India's Leander Paes and Mahesh Bhupathi won their respective matches to advance into the pre-quarterfinals of the US Open on Friday.
A thrilling draw away to Salzburg enabled Serbian champions Red Star Belgrade to reach the Champions League group stage for the first time where they will be joined by Portugal's Benfica and Dutch side PSV Eindhoven. Red Star, who won the European Cup in 1991, came back from two goals down in an electrifying second leg in Austria to draw 2-2 and go through on away goals.
Argentina and Chile advanced to the semi-finals of the Copa America on Saturday with Chile beating Mexico 7-0 and Lionel Messi getting a goal in Argentina's 4-1 win over Venezuela to equal his country's all-time scoring record.
A summary of sports events and sports persons, who made news on Saturday.
JCT made a last-minute recovery from an early deficit to hold Air India of Mumbai to 1-1 draw in a crucial 18th round ONGC I-league football championship match at the Guru Nanak Stadium in Ludhiana on Saturday.
As part of its consolidation plans in the Indian tequila market, Brown-Forman, makers of Jack Daniel's whisky, is mulling over introducing a host of brands, including Herradura, El Jimador and Don Eduardo in the country in a phased manner.
Tottenham Hotspur scored a 2-0 victory at Manchester City, whilst Arsenal posted a 3-2 victory at Blackburn Rovers.
Dylan is not really a writer and awarding the prize to him in the literature category is a "great insult to all the writers who have already received the award and also to those who rightly deserve it", the author said.
Rousseff is accused of using accounting tricks to make her government's budget deficit appear smaller than it really was.
Champions Manchester United reduced Arsenal's lead to three points when they thrashed Newcastle United 5-1.
Birmingham drew 2-2 with Arsenal after James McFadden equalised with a late penalty in the EPL tie.
Arsenal swapped places with champions Manchester United at the top of the Premier League on Saturday after a 3-1 victory at Manchester City preceded United's 1-1 draw away at Tottenham Hotspur.
Sania Mirza and Martina Hingis continued their domination in the women's doubles by winning the U.S. Open crown, their second Grand Slam of the season, after a crushing victory over Casey Dellacqua and Yaroslava Shvedova, in New York.
The contract is characterised by a minimum revenue guarantee and a cap on the firm's revenues.
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