Financial sector reforms a continuous process: YV Reddy

Financial sector reforms are a continuous process and fixed reforms agenda does not help in fast changing economic scenario, former RBI governor YV Reddy today said.

"The financial sector reforms agenda has to serve the purpose of overall economic growth. That is one lesson from the global economic crisis," Reddy told reporters on the sidelines of conference on 'China and India: Sustaining High Quality Growth' here.

Financial sector reforms should subserve the real economy, he said, adding that the world is changing fast and so are the macroeconomic conditions.

"Therefore, you should not have fixed reforms agenda and say some committee gave a report therefore we should do it.

"Reform is a continuous process and it should be continuously evaluated, with the objective of improving the real economy," Reddy said.

The conference was co-organised by the International Monetary Fund (IMF).

Speaking on the occasion, IMF's Asia Pacific Department Director Anoop Singh said that India and China would lead the global economic growth in the coming years.