NITI Aayog Member Shri Rajiv Gauba presented India's vision for next-generation reform architecture centered on deregulation during a fireside chat at Global Fintech Fest 2026. The discussion covered India's regulatory journey, balancing innovation with oversight in fintech, and institutional changes needed to achieve the Viksit Bharat 2047 vision.
Gauba identified deregulation as the defining feature of future reforms, emphasizing the need to eliminate license-approval-permission regimes and frequent renewal requirements that persist in various forms. He revealed that a High-Level Committee is currently conducting a systematic review of laws, regulations, and administrative processes guided by the Prime Minister's philosophy of Trust Based Governance.
The reform agenda extends to state and municipal levels through the Deregulation Task Force, which applies Trust-Based Governance principles downward. The central government's approach is characterized as "cooperative federalism with a competitive edge," using incentive mechanisms like the Special Assistance to States for Capital Investment scheme and Urban Challenge Fund where reform milestones determine scheme benefits and projects are selected through challenge mode.
On fintech regulation, Gauba highlighted India's phenomenal sector growth and its contribution to financial inclusion, citing India's digital public infrastructure including Aadhaar, UPI, DigiLocker, and the account aggregator framework as replicable global models where government provides open, secure, interoperable rails for private innovation. He advocated for principles-based, technology-neutral regulatory frameworks proportionate to risk that promote competition, ensure non-discriminatory access to infrastructure, and improve information symmetry while allowing innovation to flourish.
The government is taking steps to attract long-term domestic and foreign capital by improving investor confidence through predictable policy, strong data governance, cybersecurity measures, and adequate innovation space. Gauba concluded that reform must become integral to governance culture, supported by long-term strategic thinking, with government, industry, and citizens all playing roles in sustaining India's reform and growth momentum toward the Viksit Bharat 2047 goal.