China's economy is on track and the country has entered a phase of steady rather than speedy growth, China Vice-President Li Yuanchao said.

Economic reforms in India are going in the right direction, but the level is "wrong", RBI Governor Raghuram Rajan has said, referring to some of the outdated regulations that are currently in place.

In an exclusive interview to Shekhar Gupta, Reserve Bank of India Governor Raghuram Rajan speaks about the Indian economy in the wake of the current turmoil in the financial markets.