In a special essay for India Today Magazine, former RBI Governor Raghuram Rajan details a plan to fix the ailing Indian economy. (Photo: Yasir Iqbal/India Today)

Pressure has been mounting on the Modi government to tackle signs of malaise in the economy, described this week by former Finance Minister P Chidambaram as "most pressing and explosive issue of the day".

So what can the government, which first came to power promising voters better days ahead after the UPA years, do to fix it?

Raghuram Rajan has a plan. The ex-governor of the Reserve Bank, now Professor of Finance at the prestigious Booth School of Business, chalks out his roadmap in the cover story of this week's edition of India Today magazine.

You can read the full story here. Meanwhile, here's a sneak-peek of Rajan's plan.

1. LAND ACQUISITION: Accelerate the mapping of land and the process of establishing ownership titles, especially in the poorest states. Set up transparent processes to determine and alter land zoning, and to register changes in ownership. Make forcible land acquisition extremely rare. Ease acquisition procedures in rare cases while protecting the interests of sellers.

2. LABOUR: Allow more flexibility in labour contracts. Amend the law to allow for an intermeidate contract where workers gain rights steadily over time of employment but don't have to be made permanent. Grandfather existing permanent workers.

3. DECENTRALISE: Empower ministers. Engage states. Start by amending the terms of reference of the 15th Finance Commission. Don't curtail states' share of tax revenue.

4. INVESTMENTS: Stabilise tax and regulatory regimes and make them predictable. Discuss proposed changes publicly and give the industry time to adapt. Consider an independent economic watchdog agency to give investors confidence that the government won't suddently set them back. Avoid leaning on an untrained judiciary for remedies.

5. DISINVESTMENT: Disinvestment isn't primarily about raising resources. Avoid selling to already dominant family enterprises to avoid concentration of power.

6. REAL ESTATE/CONSTRUCTION/INFRASTRUCTURE: Fast-track bankruptcy for developers in default. Make super senior loans to insolvent developers to complete projects.

7.NBFCs: The RBI could do an quick asset quality review of the largest NBFCs. Give a clean chit to the well-capitalised ones. Give government funds for the undercapitalised ones only at a stiff price.

8. POWER: Ensure power is adequately priced and metered. Encourage competition among power distributors.

9: TELECOM: Preserve sufficient competitors in the telecom sector in the short run. In the longer run, re-examine regulatory processses to ensure a level playing field.

10. AGRICULTURE: Ensure easier access to inputs like seeds, technology, power finance and insurance. Allow land leasing and cooperative sharing of resources like tractors. Effect greater connectivity -- both virtual and through logistical networks -- of farmers to warehourse, rural industry and final consumers. Eliminate distortionary government intervention in pricing and procurement. Compensate farmers for withdrawn subsidies through direct cash transfer based on acreage. Enable some farmers to move out of agriculture, allowing economies of scale for those who remain.

More from Raghuram Rajan on India's ailing economy:

Putting out spreading fires: Raghuram Rajan's cure for real estate, NBFC sectors

India is in the midst of growth recession: Raghuram Rajan

Instead of gigantic statues, India should build modern schools and universities: Raghuram Rajan

Economy in a mess: Raghuram Rajan lists 5 burdens that Modi govt inherited from UPA

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