"I want to talk about something I have been studying for many years, the development of a liberal market democracy. In doing this, I will wear my hat as a professor in the field known as political economy,"said RBI Govenor Raghuram Rajan at the DD Kosambi Ideas Festival held in Goa.

In an extraordinary speech titled 'Democracy, Inclusion, and Prosperity', he said, "Strong governments may not, however, move in the right direction. Hitler provided Germany with extremely effective administration -- the trains ran on time, as did the trains during our own Emergency in 1975-77. His was a strong government, but Hitler took Germany efficiently and determinedly on a path to ruin, overriding the rule of law and dispensing with elections. It is not sufficient that the trains run on time, they have to go in the right direction at the desired time."

Read the complete speech here