With Modi's patronage, it is more likely the government will reappoint Rajan, whose three-year term expires in September, should he wish to stay on, the sources said.

Unsurprisingly, firms are not rushing to invest in new plants and machinery, particularly with high interest rates, needed to reduce inflation, dampening consumer spending.

Meanwhile, the big bang reforms to be undertaken included incentivising manufacturing, land acquisition, labour laws and building infrastructure.

Speakers at the India Today Global Round Table were optimistic India's economic conditions would improve soon.

Gita Gopinath, professor of economics at Harvard University, Arvind Subramanian, senior fellow at Peterson Institute for International Economics, and Rajiv B. Lall, executive chairman of IDFC, are in the race for the post of chief economic adviser.

In a country teeming with young millions, it should not be too difficult to find a group of ambitious men and women who are deciding the future of India. A look at top 20 young guns who represent the future of Indian business.

Key to the photographs, with each potential champ's take on what the future holds

Speculations say Finance Minister Pranab Mukherjee missed out on the opening session, as he was discussing Telecom Minister A Raja's case with PM Manmohan Singh.

What's new in your world

BT asks the who’s who of India’s corporate world—as well as some professionals and leaders from other fields for good measure—to jog their memory and recall the best advice they ever got. What the advice was, who gave it to them and when, and how it helped them.