While a pick-up in summer monsoon rains in recent weeks is expected to cool food inflation, most analysts don't anticipate another rate cut before a new governor is on the job
Panagariya, who heads the government's main economic advisory body NITI Aayog, is also India's Group of 20 summit negotiator
Annual growth in electricity production last month slowed to 4.6 per cent from 14.7 per cent in April.
Here is some background on the candidates seen as potential successors to Rajan at the RBI
While he has plenty of critics at home, Rajan is a favourite among foreign investors and has been credited for bringing inflation under control.
Even before Prime Minister Narendra Modi swept to power in 2014, Subramanian Swamy was agitating for Rajan's removal.
Raghuram Rajan joked he wasn't expecting to win any votes or Facebook 'likes' in the position.
Imports dropped 13.16 per cent year-on-year
The first signs of growing bonhomie between Modi and Rajan came early last year, when Modi called Rajan the "best teacher" for explaining complex economic issues to him.
India's upbeat outlook contrasts with neighbouring China, where growth slipped to 6.7 in the first quarter
India does not have a unified regulatory regime to counter Ponzi, or pyramid, schemes whose operators typically grab new deposits to meet their promise of guaranteed returns to existing savers, point out Manoj Kumar and Mayank Bhardwaj.
The prospect of further falls in remittances is a hindrance for the Reserve Bank of India, as it seeks to bullet-proof the economy against sudden capital outflows
The ratings agency currently rates India at Baa3
Like pharmaceutical companies globally - which used to enjoy a preferential exchange rate in Venezuela - Indian producers have been left badly stung by the collapse of the bolivar currency
Slowing inflation prompted the RBI to cut the policy repurchase rate last month by 25 basis points to 6.50 percent, the lowest since 2011.
The insolvency and bankruptcy code will strengthen the hands of lenders to recover outstanding debts by setting a deadline of 180 days for companies to pay or face liquidation
Three members will be representatives from the government, and three from the RBI.
The inflation target of the RBI would be reviewed once every five years.
India's $121 billion troubled debt pile, over $100 billion of which is on the books of state-owned banks, has come under close scrutiny from prosecutors, the media and politicians
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