Modi will also need to reconcile market demands with those from forces within his own administration
India is gearing up to introduce a six-member monetary policy committee that would vote on interest rates.
Here is some background on the candidates seen as potential successors to Rajan at the RBI
The RBI is not statutorily independent from the government but has long enjoyed wide latitude
A two-year extension at the helm of the RBI still looks a real possibility
The funds, some of which have invested in the NSE for almost a decade, want the exchange to list as soon as possible so that they can exit and pay back investors in their funds
Mauritius and Singapore account for the bulk of the $278 billion in foreign equity investments since 2000
Now, funds from Mauritius interested in India will have to weigh paying capital gains taxes that could range from zero to as much as 20 per cent
Markets hope the Budget will steer spending towards infrastructure.
The slowdown is especially pronounced in rural areas, which have suffered two consecutive dry years.
Poor disclosure among India-listed firms is a turnoff for foreign investors.
India's central bank kept its key repo lending rate unchanged at 6.75 percent on Tuesday.
Indian companies struggle to escape debt burden as profit slows.
Indian companies have raised $1 billion so far this year - almost four times what they raised last year.
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.
Investment bankers said retail investors were pulling back, while institutions were being pickier
The RBI's next policy review is set for Sept. 29.
Companies are still struggling to recover from years of exuberance.
India's biggest airline IndiGo is set to file the prospectus next week for a domestic stock market listing.
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