"The economy has been growing at a flat rate of 5 per cent and hopefully we will see it picking up in the near future," he said on the sidelines of a special talk at Oxford University yesterday.
Rajan also reiterated his view on the growth rate being inextricably linked with curbing inflation.
"I have always stressed that stimulating growth and controlling inflation are not opposed to each other. Inflation is what is standing in the way of India's growth," he added.
Rajan was addressing student members of the Oxford Union Society (OUS) on his way to Switzerland, where he has meetings planned with the Bank for International Settlements (BIS) on May 11 and 12.
He stressed that his comments to the students were off the record and would not address any political issues as things will be clear only on May 16, when the general election results are announced.
Rajan also expressed confidence that whichever government takes over, will lay a clear path to revive growth as he answered a series of questions on the state of the Indian economy from students.
The senior economist joined a league of distinguished speakers at the OUS, which has hosted Queen Elizabeth II, the Dalai Lama and Mother Teresa in the past.