New Delhi, May 12 -- India's next set of economic reforms needs to be granular, nuts-and-bolts changes that reduce regulatory friction, said NITI Aayog member Rajiv Gauba on Monday, while also urging Indian industry to sharply raise investment in research and development.

"What is needed now is nuts-and-bolts reforms: the unglamorous, the granular, but vital change for businesses to open, operate, and to shut down when necessary," Gauba said referring to the government's idea of 'Jan Vishwas.'

"The next-generation reforms must make a clean, decisive break from the colonial mindset of distrust of citizens and punishment even for small violations to trust-based governance," he said, speaking at the Confederation of Indian Industry's annua...