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Speaking at the Confederation of Indian Industries (CII) Global Economic Policy Forum 2024, he acknowledged the challenges posed by financial illiteracy in a low-income country and the need for careful evaluation of emerging sectors.
“We need to consider the socio-economic costs and benefits in areas like crypto, bitcoin, and online gaming,” Nageswaran remarked. He added that regulators must ensure their actions are guided by clear objectives and open communication.
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“Regulators must explain why a particular regulation is being introduced, the information prompting it, the goals it seeks to achieve, and the criteria for withdrawing it,” he said. This level of transparency, he suggested, would foster accountability and trust in regulatory decisions.
Nageswaran pointed out that regulators hold unelected powers and are not subject to the same scrutiny as elected officials. “They must recognise this and impose accountability upon themselves,” he said.
He called for a conscious exercise of regulatory authority, ensuring that decisions are made responsibly and with due consideration of their impact. “The responsibility to wield power consciously is something we should demand from our regulators,” Nageswaran noted.
