New Delhi: NITI Aayog Member Rajiv Gauba on Thursday pitched for deregulation in the next-generation reforms, making rules and laws simpler and hassle-free.
Speaking at the Global Fintech Fest 2026, Gauba also called for focus on 'nuts-and-bolts' reforms, on doing away with the licence approval, permission and frequent renewals regime that prevails in different avatars.
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He noted that measures such as Goods and Services Tax, Insolvency and Bankruptcy Code, and a liberalized foreign investment regime had reshaped the economy and opened up sectors once considered off-limits to private enterprises, including defence, space and now nuclear energy.
He emphasised the need to systematically review laws, regulations and administrative processes.
This work, Gauba said, is being carried out by a High-Level Committee, guided by the philosophy of trust-based governance espoused by the Prime Minister.
Many important reforms, he noted, fall in the domain of states and municipal governments and pointed to the work being done by the deregulation task force, carrying the trust-based governance principles down to the state and city level.
Citing the scheme for Special Assistance to States for Capital Investment and the Urban Challenge Fund, Gauba characterized the Union government's approach as 'cooperative federalism with a competitive edge', where scheme incentives are linked to reform milestones and projects are selected through challenge mode.
On fintech, he highlighted India’s phenomenal growth in the sector and how it has contributed to financial inclusion and access.
Gauba cited India's digital public infrastructure - from Aadhaar and UPI to DigiLocker and the account aggregator framework – as a model that the world can replicate.
He said regulation in technology-driven sectors should strike a dynamic balance between protecting public interest and allowing innovation to flourish.
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Citing the scheme for Special Assistance to States for Capital Investment and the Urban Challenge Fund, Gauba characterized the Union government's approach as 'cooperative federalism with a competitive edge', where scheme incentives are linked to reform milestones and projects are selected through challenge mode.
On fintech, he highlighted India’s phenomenal growth in the sector and how it has contributed to financial inclusion and access.
Gauba cited India's digital public infrastructure - from Aadhaar and UPI to DigiLocker and the account aggregator framework – as a model that the world can replicate.
He said regulation in technology-driven sectors should strike a dynamic balance between protecting public interest and allowing innovation to flourish.
Regulatory frameworks, Gauba added, should be principles-based, technology-neutral and proportionate to risk, while promoting competition, ensuring non-discriminatory access to underlying infrastructure and improving information symmetry.
He also emphasised the need for greater coordination among financial regulators, simpler and more predictable compliance processes, and continued efforts to reduce frictions and interoperability gaps.
Gauba noted the steps taken by the government to attract long-term domestic and foreign capital, by improving investor confidence in aspects of fair treatment, predictable policy, strong data governance, cybersecurity, and adequate space for innovation.
Concluding his remarks, he said reform has to be an integral part of the culture of governance, supported by long-term and strategic thinking.
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