India's growth disappointed to the downside for the first quarter. Indian economy expanded at 7%, compared to 7.5% prior.

Analyst and economist were expecting similar growth as prior, however weaken export and lack of rebound in industrial sector took its toll on GDP number.

In spite of more than 30% depreciation of INR since 2013, Indian hasn't been able to expand its exports and the country's overreliance on import of fossil fuel, which it has not been able to curb a lot makes the country very vulnerable, when commodity price rises.

The new government at the center, led by Prime Minister Narendra Modi, is facing tough challenge in passing the bills his government has envisaged, given its lack of majority in upper house of the parliament.

Mr. Modi is facing tough regional election ahead, which might give his government the support it needs in the upper house, but it is not going to be an easy one.

Indian Rupee is currently trading at 66.4 against Dollar, has found some stability after recent selloffs post China devaluation. Rupee might trade as high as 70 per Dollar before the year ends.