Fool proof interviews!? Fool proof hiring??!

This is an afterthought of my reading 'Winning' by Jack Welch! Somewhere in that, writing on hiring for winning organisations, Welch states that even a 50% success rate in hiring the right candidate for the right job is a commendable strike rate!
But, I cant say that of many of us operating in the 'indian corporate eco-system'.... I guess it is owing for our quest for perfection and also due to the fact that we are racing to make strides in jet-speed thanks to the nation-of-a-billion dream.....
Is there any fool proof way of hiring on the basis of a few rounds of discussion with a prospect candidate, based on what is understood and consumed from his professional resume and a few -
may be 25 good - questions? and may be supplement this with a couple of psychometric tests that are essentially designed by the west and reference checks, that I still believe would be skewed in favor of the candidate, thanks to the speed-hire attempted to by many of us in the HR fraternity?
Kishoreji Biyani of Pantaloons in his just released book 'It happened in India' has stated this on hiring good people : He has said that in most cases he looked at good people and then created a job for them in his fledgling retail conglomerate. And that he has benefited from this, to the extent that there are people who have left the group and rejoined them for better!
Such hiring can possibly happen in the senior management thanks to the visibility and performance of that individuals in the past and their own credibility.... but not much of this could help in middle levels where i guess over 60% of the overall hiring keeps happening....
The job of hiring by interviews is probably less complicated in the IT industry where tests and past projects worked on, and to some extent, stability throws a lot of pointers to performance predictability! Each organisation would have a set of well structured tests that help as much! But even there, the challenge would be in extending the same to hiring project managers and business leaders, where non-tech skills gain pre-eminence.
Strategic hiring professionals with a wealth of experience and a great track record of hiring successfully, would be the most qualified to suggest ways and means to go about fool proof interviewing and fool proof hiring.