"Fiscal reforms alone are not enough. Process reforms, human resource reforms and government reforms are equally important for the economic growth of the country," he said.
Moily was speaking at a seminar here on 'Global Management Education: Challenges and Opportunities' which also saw the launch of the Integrated BBA-MBA Programme by the Jindal Global Business School.
The minister, who had overseen reform in university education in Karnataka and worked for setting up of six universities there, also suggested that there should be no compromise on pay packages of educators.
"I tell all institutions not to compromise on the (pay) package of educators," he said.
Vice-Chancellor of O P Jindal Global University C Raj Kumar regretted that there were no Indian universities in the list of top global varsities.
He said institutions from several Asian nations were rapidly gaining prominence which showed that there is a need for gearing up the education system here to meet the global standards.
The seminar was also attended among others by Zarine Daruwala, President of ICICI bank and P V Ramana Murthy, the senior Vice President of Human Resources in Hindustan Coca-Cola Beverages.
