India, a fast-growing middle-income country, is at a critical juncture in its development trajectory.

The Dialogue, a think-tank, said that data localisation may incur a nearly 1 percentage point loss in gross domestic product (GDP) in the short and medium term.

Patel is unlikely to yield under pressure and will rather mount a strong defence of the central bank's policies regarding stringent NPA recognition norms as well as measures taken to ease credit supply to MSMEs.

A record $272.5 billion in remittances were channelled to Asia in 2017, up 6.3 per cent since the previous year. Asian countries earned 44.41 per cent share of the entire global remittances sent in 2017.