GFF 2026: NITI Aayog's Rajiv Gauba calls for deregulation as defining feature of India's next-generation reforms

The next-generation reform architecture will be defined by "deregulation", with the focus on "nuts-and-bolts" reform and doing away with the licence-approval-permission regime and frequent renewals that prevail in different avatars, Niti Aayog member Rajiv Gauba said.

Speaking at a fireside chat on 'From Regulation to Transformation: Building India's Next-Generation Reform Architecture' at the Global Fintech Fest 2026, Gauba emphasised the need to systematically review laws, regulations and administrative processes.

Gauba is heading a high-level committee on reforms. He noted that major reforms fall in the domain of states and municipal governments and pointed to the work being done by the deregulation task force to carry 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 characterised the central 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.

Reflecting on the reforms of the past decade, Gauba noted that measures such as the Goods and Services Tax, the Insolvency and Bankruptcy Code and a liberalised foreign investment regime had reshaped the economy and opened up sectors once considered off-limits to private enterprise, including defence, space and now nuclear energy.

On fintech, he said regulation in technology-driven sectors should strike a dynamic balance between protecting public interest and allowing innovation to flourish. "Regulatory frameworks 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 said.

Gauba emphasised the need for greater coordination among financial regulators, simpler and more predictable compliance processes, and continued efforts to reduce frictions and interoperability gaps.