India's annual consumer inflation hit 5 per cent in June, the eighth straight month it topped the RBI's medium-term 4 per cent target.
According to a World Trade Organisation report, the United States was involved in 52 trade disputes with the European Union - it brought 33 of those while 19 were brought against it.
In order to sustain the high growth rate, Rice suggested three steps for India to follow.
The import duty on chickpeas and Bengal gram has been increased to 60 per cent, lentils hiked to 30 per cent
The report further said the consistent growth clocked by the capital and infrastructure goods sector is likely to support the IIP growth rates going ahead.
India's growth rate is expected to increase to 7.8% in 2019, the IMF said. China on the other is expected to grow at 6.6% in 2018 and 6.4% next year
PM Modi: India means business
RBI rate cut: RBI cuts repo rate by 25 basis points to 6%