Both Srikrishna, Guv are Wrong - P K BISWAS

This refers to `Why Rajan is Wrong' (ET, Jun 26). Historically, society has always shackled innovation and change through legislation. B N Srikrishna should realise that universal medicine by way of legislation does not cure all ailments. Legislative restrictions directly or indirectly curb the need to innovate and, consequently , deprive society of fresh thoughts and approaches like a river being deprived of supply of fresh water. On his part, Raghuram Rajan should realise that autonomy does not grant licence to act as one likes, and any action is always subject to scrutiny . Deeds must be evaluated in terms of motives and achievements, and actions should not be washed away in the name of independent thinking. The balance between the two approaches decides the success or failure of an institution.  
- P K BISWAS Former Executive Director , RBI Mumbai
ET