MUMBAI: Raghuram Rajan is the author of his speeches. Most of his predecessors stuck to the customary practice of asking for inputs from relevant departments and even circulating drafts to colleagues before finalising them. The end products were typically staid and sanitised — even though governors like Rangarajan could be remarkably eloquent and a few, like Subbarao (remembered for his fine sense of humour), occasionally inserted a few lines that stoked a simmering controversy and brought out differences with a finance minister known for his sardonic tongue.Rajan, much to the delight of the media and audience, has a different style. Apart from a livelier choice of words and an element of surprise — with even insiders in Mint Street not knowing till the end what the governor would come up with – he can be engagingly newsy, having aired his contrarian views on government’s pet initiatives like the "Make in India" strategy and legislative reforms that could dramatically alter the regulatory structure.That surprise element once again returned last week as the RBI governor spoke on ‘strong governments’ — the lessons from history and the lesson for India — at the DD Kosambi Ideas Festival in Goa. Even though Rajan began with a caveat — he said he was speaking as a professor of political economy and not as the person who spearheads India’s monetary policy — the press, forever, blamed for quoting out of context, did not miss, and justifiably so, the lines they thought would make readable news.Taking a cue from political scientist Francis Fukuyama ’s thoughts of the various pillars of democracy, the bedrock on which they stand, and how some of these are beginning to look shaky across the world, he said, "Strong governments may not, however, move in the right direction," while alluding to the efficient administration of Nazi Germany that trampled upon the rule of law. "The rule," he continued, "is needed to prevent the tyranny of the majority that can arise in a democracy." He argued that a ‘free market’ is the extra pillar needed for a liberal democracy while political freedom (characterised by representative democracy) and free enterprise are mutually supportive.He wrapped up by suggesting a middle path for India: "We must choose a happy medium between giving the administration unchecked power and creating complete paralysis, recognising that our task is different from the one that confronted the West when it developed, or even the task faced by other Asian economies."With a government that is perceived to be the strongest since Gandhi’s, it would be naïve to expect that the words would not lend themselves to interpretation — even if it’s a weekend speech by an ‘academic’ at a fest in Goa. Rajan’s skill lies in perfecting the art of speaking in an abstract way that could amuse a reporter as well as an academic. Remember his speech last August when he took on "venal politicians" and "crony capitalists"? There’s reason to believe that Rajan — being one of the early critics of the skewed moral compass of the US financial system — is passionate about the subjects.But even if one believes (and some do) that his observations were simply to suggest a path towards "economic inclusion", the Goa speech could serve as a counterweight, coming as it did exactly a week before the Budget.By now, it’s simple arithmetic that the FM would easily meet the fiscal deficit target. Once that is achieved, there is a strong chance that the ‘rate cut lobby’ would again turn vocal —something that Rajan, a reluctant cutter, may have to counter. If New Delhi and India Inc look around for a new story (like a rate cut) to keep alive the sentiment, the central bank could argue that the higher GDP growth numbers do not warrant a rate cut, or oil prices could go up again and, most importantly, why slash rates before the April policy? Central banks across markets refrain from changing rates between policies unless there is a crisis, like a liquidity squeeze or a run on the currency.Rajan may not have expected the global deflation (indeed, few did) but was quick enough to appreciate the move to lure NRI money to stabilise the currency. In economics, anything can be justified. And debates, even if subtle, between a strong Centre and a central banker, who occasionally dons the hat of a professor, can be entertaining.