The finance minister said that while she is grateful that Rajan did an asset quality review, but people should know what makes the banks ailing today.

Rural and urban inflation sliding down when the headline interest rate (RBI's repo rate) has also been falling reflects all is not well with the economy. It calls for a comprehensive policy response to spur income and investment to revive consumption demand

The CEA also said it will be only investment and not consumption that will help the economy grow, explaining that the latter boosts an economy with a higher per capita income of say $10,000 or more

Irrespective of their ideological persuasions, trade unions strongly contest several reform proposals that the industry thinks are progressive but will the government bite the bullet this time?

This is the second top level exit after the governor Urjit Patel left in a huff in December last year over serious differences with government-appointed directors on the issue of bank's independence

Acharya's resignation could be an indication that some differences still continue to exist between the apex bank and government in terms of decision making. He was, after all, seen as the last man in RBI vociferously batting for autonomy.

This is the second top level exit after the governor Urjit Patel, also an economist who held the monetary policy department under governor Raghuram Rajan, left in a huff in December last year over serious differences with government-appointed directors on the issue of bank's independence.

The new government will have to overhaul the trade framework if India is to play any meaningful role on the world stage.

BSE Member Ramesh Damani said he expects more foreign fund inflow into India going ahead

Reducing the number of central ministries to 30 is another important thing that the new government would like to do to make it in line with international standards and improve the efficiency of the governance, Panagariya said.

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