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.
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
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 inflation target of the RBI would be reviewed once every five years.
India's exports shrank in January for the 14th straight month on continued weak demand from Europe
French companies have invested more than $1 billion per year in India.
GST is intended to create a single market and boost commerce in India's $2 trillion economy
Clouding the inflation outlook is the recommendation of the 7th pay panel for an average 24 per cent pay hike for millions of its employees, which would lift demand-driven price pressures.
Encouragingly, the recovery also appears to be becoming broad-based
The rapid deceleration in prices has ignited a debate in New Delhi whether Asia's third-largest economy is heading towards deflation.
Many officials had been talking of taking the baton of global growth.
Robust growth in indirect tax receipts points to a nascent revival in manufacturing sector.
India's existing web of federal and state sales taxes is levied at different stages of the supply chain and often results in double taxation, while forcing trucks to spend nearly a quarter of their road time in border checks or other inspections.
Retail food inflation eased to 4.80% last May.
New Delhi says existing food stocks will be sufficient to contain any food price shock.
He assured fears of food shortages were far-fetched.
India likely to overtake China on strong GDP growth.
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