"We are also better placed than any time in the recent past to push the reform process forward... We need to ensure that financial system can provide the finance needed for our development... This opens up a broad agenda for reforms," he said inaugurating the India Economic Summit.

Addressing the global CEOs and domestic industry, the Prime Minister said that the government would make a gradualbut a steady progress in the financial sector reforms.

The government would build a political consensus for passage of legislations required for reforms in the insurance and pension sector.

He, however, announced that the government will take steps to gradually withdraw the financial sops given last year in the wake of the global financial crisis.

"Like other countries, we resorted to a significant stimulus and we will take appropriate action next year to wind this down," Singh said.

His assertion coincides with the meeting of the G-20 Finance Ministers in Scotland which has on its agenda the exit strategy for global stimulus.