Raghuram Rajan said a six-member monetary policy committee will decide on interest rates.
If companies get into trouble, the loan becomes a non-performing asset and "we very much want these assets to be back on track," Raghuram Rajan said.
Economist Dale W Jorgenson declares that India is doing "very, very well" and forecasts that India might continue to outrun world economies, including China over the next many years.