New Delhi, Oct. 4 -- NITI Aayog Member Rajiv Gauba has called for a shift towards light-touch and risk-proportionate regulation, saying India's regulatory architecture must evolve alongside technological advances, changing business models and shifts in the global economy.
Speaking at a plenary session on "Regulatory Oversight in an Age of Disruption" at the fifth Kautilya Economic Conclave in New Delhi, Gauba said regulation and economic growth should not be viewed as competing objectives. Instead, regulatory policy should focus on managing risks while creating space for innovation, competition and investment.
"The goal should be a State that is 'firm where risks are high, and light-touch where risks are low,' but predictable in both case...