Externally, the global economy is stabilising, with better growth is expected this year.
Rangarajan said that growth has many dimensions to it.
The US Federal Reserve on Wednesday night hiked interest rates by 0.25%.
Global rating agency Moody's on Thursday placed India on a possible upgrade on foreign currency debt and painted a rosy picture for the economy, projecting a seven per cent growth.
Although fundamentals remain strong and its prospects upbeat after an impressive pace in 2007, the growth in India's domestically-driven economy would moderate in 2008 as domestic demand eases and exports cool, according to Moody's Economy.com, a subsidiary of the global credit rating agency.
The Indian Premier League's Hyderabad franchise, now called 'Sunrisers', have appointed former Australia cricketer Tom Moody as the team's new coach, and former India cricketers Krishnamachari Srikkanth and VVS Laxman mentors.
The Indian Premier League's Hyderabad franchise, now called 'Sunrisers', have appointed former Australia cricketer Tom Moody as the team's new coach, and former India cricketers Krishnamachari Srikkanth and VVS Laxman mentors.
According to the report by Moody's Investor Service titled 'Asia Pacific Corporates Well Positioned for Liquidity Strain; Some Challenges Evident', the capacity of Asian banks to lend has not been really affected.
Former Australia player Tom Moody believes India need to be flexible with their batting order in white ball cricket.
'But their bowling is poor. Beyond Jasprit Bumrah, there is no one to actually support them in that bowling attack, and the CSK batters took them apart.'
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Moody's statement comes on a day when opposition parties are observing nation-wide strike to protest against the price hike and government's move to operationalise its decision on allowing foreign direct investment in multi-brand retail.
Moody's, on Thursday, reaffirmed its positive rating outlook for the Chinese economy on the back of favourable medium-term growth prospects.
Expressing disappointment over his team's second consecutive loss in the Indian Premier League on Saturday, Sunrisers Hyderabad coach Tom Moody said they would reflect on the performance and try to turn around the fortunes quickly.
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The US Fed on May 24 hinted at withdrawing its third round of quantitative easing, or bond buying programme, worth $85 billion each month, which began in the wake of the worst credit crisis in September 2008.
'Probability has increased for India to have improved fundamentals'.
High fiscal deficit and debt ratios remain one of the biggest constraints.
The RBI has lowered interest rates by 1.25 per cent since January.
The Aditya Birla group has slammed rating firm Moody's for placing Novelis, the group's aluminium products subsidiary, in line for a possible downgrade to default.
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Moody's said India's current account deficit (CAD) has narrowed significantly from 4.8 per cent in 2012 to 1.4 per cent in 2014.
Country's biggest lender State Bank of India had proposed merger of five associate banks.
Rajan has ignored pressure to loosen policy.
The report did not specify the impact the rate hike will have on India.
Swine flu scare could make foreign institutional investors pull out money from Indian equity markets even though they remained net investors in March and April this year, says Moody's.
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Sri Lanka coach Tom Moody said dropping Virender Sehwag twice proved costly for his side in the fourth ODI.
The RBI is likely to raise CRR, the portion of funds that banks have to keep with the regulator, by 50 basis points in its forthcoming monetary review next week and signal tight monetary measures, says Moody's.
The government has last month significantly liberalised the FDI regime, putting most of the sectors on the automatic route
'It's about running between the wickets. It's about rotating the strike. It's about never putting yourself under pressure.'
Moody's wanted to learn from the Finance Ministry officials, the steps taken to check subsidy outgo and impact of the proposed right to food bill on the exchequer.
Budget clearly prioritised growth over fiscal consolidation, said Atsi Sheth, Senior VP, Moody's Investors Service.
It has blamed lack of political will for the slow reform process.
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Mahesh Bhupathi is looking forward to a successful year along with the Wesley Moodie
