The Reserve Bank of India today released its annual report and for the first time, it included an overview from the Governor himself.

• The Reserve Bank of India today released its Annual Report 2014-2015 and for the first time, it comes with an overview from the Governor, Raghuram Rajan, himself.

• According to the report, the central bank believes India's growth outlook is improving gradually and says the real activity indicators are backing its 7.6 percent gross domestic product (GDP) projection.

• The RBI had, in June, lowered the growth forecast for the current fiscal to 7.6 percent from 7.8 percent projected in April, citing various risks, including poor monsoon and rising crude oil prices.

• According to Guv Rajan, these are the short-term macroeconomic priorities of the central bank: focus on bringing down inflation in line with the proposed glide path; work with the Government and banks on speeding up the resolution of distressed projects and cleaning up bank balance sheets; ensure banks have the capital to make provisions, support new lending, and thus pass on future possible rate cuts.

Here are some relevant news items:^{credits to u-sr33}

• Long way to go for India to become global growth engine: Raghuram Rajan

• Rajan lists lower inflation, tackling distressed assets as top priorities

• RBI not done with rate cut, still in accommodative mode: Rajan

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