Rajiv Gauba, a member of NITI Aayog, has called for removing unnecessary regulations as the central theme of India’s upcoming round of economic reforms. Speaking at the Global Fintech Fest 2026, he outlined how the country should move away from complex licensing and approval systems to enable faster growth. His remarks signal the government’s push to simplify how businesses operate across sectors.
What the government is doing
Gauba pointed to major reforms of the past decade, including the Goods and Services Tax, the Insolvency and Bankruptcy Code, and a more open foreign investment policy. These, he said, have transformed the economy and opened sectors such as defence, space and nuclear energy to private participation.
Going forward, the focus will be on what Gauba called “nuts-and-bolts” reform—dismantling the system where businesses need repeated licenses, approvals and permissions to operate. A High-Level Committee is reviewing laws, regulations and administrative processes with an aim to introduce what the government calls Trust Based Governance.
At the state and city level, a Deregulation Task Force is working to apply these same principles. The government is also using schemes like the Special Assistance to States for Capital Investment and the Urban Challenge Fund to reward states that implement reforms, calling this approach “cooperative federalism with a competitive edge”.
On fintech specifically, Gauba highlighted how India’s digital infrastructure—including Aadhaar, UPI, DigiLocker and account aggregator framework—has driven financial inclusion. He said the government should maintain regulatory frameworks that are principle-based, technology-neutral and matched to actual risks, while allowing private companies to innovate on public platforms.
He also stressed the need for better coordination among financial regulators, simpler compliance requirements, and easier interoperability between systems.
What this means for you
If these reforms move forward, businesses may face fewer bureaucratic hurdles in obtaining licenses and permissions, potentially leading to faster service delivery and lower compliance costs. Citizens using fintech services could benefit from greater competition and innovation in payments and financial access. However, the success will depend on how quickly states and city governments adopt similar deregulation measures.