India's external position improved at the same time. Forex reserves are a little above $350 billion in November 2015 as compared to a little over $270 billion in July 2013.
Given that Rajan is against reversing the direction he set by cutting rates in Jan, is he going to cut further post the budget is the question analysts are puzzled about.
"Monetary policy is a long-term process. You can't hold me every 15 days saying when are you cutting rates? We have a budget coming up", said Raghuram Rajan.
Reports say that an outreach will convey the improved environment for doing business in India and assure US investors of a stable policy regime.
The RBI on Thursday cut the repo rate at which it lends to commercial banks by 25 basis points to bring it down from eight per cent to 7.75 per cent.
Complete decontrol of diesel marketing, new pricing formula for domestic gas and plunge in global crude prices flagged a new beginning for country's oil economy in 2014.
States like Gujarat, Madhya Pradesh and Uttar Pradesh, which were earlier standing in the way of GST, have now said they are not opposed to it as long as their concerns are addressed.
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