India lacks experts who can prepare budget: RBI

Published on March 12, 2015 05:30:30 AM
Panaji: There are far too few people in the government who can even prepare a budget, Reserve Bank of India (RBI) Governor Raghuram Rajan said on Friday, adding that well-trained economists were at a premium throughout the government sector. "There are too few people who can prepare a budget and too few people who can do public debt management. We need far more capacity in government," Rajan said while speaking at an ongoing lecture series here.
The RBI governor's comment comes ahead of the budget session of Parliament, where Union Finance Minister Arun Jaitley is expected to present the first full budget of the National Democratic Alliance government (NDA). As the economy develops, the country would need specialists with domain knowledge and experience in many areas of governance and regulation and there are few going around, Rajansaid. "For instance, well trained economists are at a premium throughout the government in the country. 

There are far too few Indian Economic Service officers to go around and I know because I was for a little while, the head of the service and got constant requests," Rajan said. Observing that democratic accountability is strong in India, he said "We may have a long way to go ... (as far as) the capacity of the government, by this I mean regulators like RBI also, to deliver public services.”