Panaji: India must strengthen government and regulatory capabilities but must also resist implementing "layers and layers of checks and balances" that impede on necessary government functions, Reserve Bank of India Governor Raghuram Rajan said on Friday.
"Let me emphasize, we need `checks and balance`, but we should ensure a balance of checks. We cannot have escaped from the License Permit Raj only to end up in the Appellate Raj," Rajan said according to a copy of a speech that was to be delivered at an event in Panaji, in Goa.
Rajan also said India needed specialists with domain knowledge and experience within government and regulation as the economy develops.
"In many areas of government and regulation, as the economy develops, we need more specialists, with the domain knowledge and experience," he said.
"For instance, well-trained economists are at a premium throughout the government, and there are far too few Indian Economic Service officers to go around."
