In FY16, the FDI inflow was $55.56 billion. The next year the FDI growth slowed to 8.38 per cent, clocking in $60.22 billion. In FY18, the total FDI inflow was $60.97 billion with the growth dropping further to 1.24 per cent.

The new governor said that the autonomy of the central bank would be preserved, along with constructive dialogue.

The move follows a promise made by Congress president Rahul Gandhi during the poll campaign in MP.

Rajan further said that the three biggest problems for the Indian economy currently are the agrarian distress, the ailing power sector and the crisis in the banking system.

A mere 33% of the total 5,151 Smart City Mission projects have been completed or are under implementation.