Mumbai, April 28: “The regulatory framework in India has become exceedingly intricate. Instead, we need an ecosystem that rewards innovation, encourages rapid expansion, and supports recovery from failures so that businesses can rise again and try anew,” stated Arundhati Bhattacharya, President and CEO of Salesforce South Asia and former Chairperson of the State Bank of India.
This remark was made during the discussions at the launch of the report titled “Regulatory Governance: Scope, 2026” in Mumbai.
Bhattacharya emphasized, “Regulators need to develop a business development department. I have found that regulators often lag behind the innovation cycle. Excessive regulation conceals weak enforcement. Fundamentally, the regulation of the regulatory system is excellent. Our failure lies in implementation. Moreover, regulators are now present in every sector. It is crucial that they consider what is specifically required for a country like India to reach its potential growth capacity. Today, development is paramount as it provides an ecosystem for people to create businesses and livelihoods. Regulators play a significant role in this, and I hope that the report on regulatory governance and the discussions among you and the youth present here will inspire our regulators towards this goal.”
In his welcome address, Professor (Dr.) C. Raj Kumar, Founding Vice-Chancellor of O.P. Jindal Global University, remarked, “We are assessing how an academic institution can actively contribute to creating knowledge and perspectives to understand the regulatory landscape. This will lead to legal and statutory reforms, as well as policy changes that will help strengthen the regulatory framework and address some challenges we face through regulations. The Regulatory Governance Center (RGC) established at O.P. Jindal Global University focuses on enhancing the effectiveness, accountability, and transparency of regulatory institutions in India through research, dialogue, and capacity building. The first report titled ‘Regulatory Governance: Scope’ not only presents an ambitious vision but also provides an in-depth analysis of regulatory governance across almost all sectors. It includes a comprehensive analysis of developments in the regulatory field, initiatives aimed at improving effectiveness, and reforms aligned with global standards, incorporating in-depth insights from students and experts. We hope this report will foster extensive discussion and collaboration on our journey from conceptualizing a new regulatory approach for a developed India by 2047 to its implementation.”
The Indian government has emphasized the importance of improving regulatory performance through central budgets and other means, as it directly relates to ease of doing business and building a trust-based governance system. With an estimated growth of over 8 percent in the last quarter of 2025 and initiatives like Digital India implemented to meet market demands, enhancing regulatory capacity is not only desirable but also an urgent necessity. For this purpose, a study of regulators becomes crucial, bringing together academics, experts, and the general public from an interdisciplinary and comparative perspective. This report includes various regulatory frameworks and attempts to present the reforms undertaken by regulatory authorities to understand and address the challenges they face.
Ajay Seth, Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), stated, “Regulation is essential for promoting competition, protecting consumers, and ensuring fair markets. Regulators also face challenges in maintaining efficiency, stability, and balance in distribution. Generally, all regulatory measures should be guided by visionary principles. The way forward is through easing regulations and improving rules.”
While presenting the report, Professor Subhomoy Bhattacharya, Director of the Regulatory Governance Center at Jindal Global Law School, highlighted the necessity of understanding the functioning of regulators as a study system. The new center plans to develop an annual report based on the regulatory effectiveness index.
He added, “This was long before the announcement of a high-level committee on regulators in the 2025-26 budget, and the economic survey for 2025-26 discussed the need for institutions to study regulators. It will be developed by the university faculty, including a detailed analysis of India’s leading regulators, and will provide a platform for debate on the functioning and effectiveness of regulators through comparisons with various countries. This project has received active support from every regulator we have engaged with from the outset, and we are extremely grateful to our advisory board.”
When regulators provide companies with a stable investment environment, they inherently reduce the economic risks of failure. A company must meet the demands of technology, consumers, and politics, as these demands are causing markets worldwide to undergo changes. For this purpose, regulators provide long-term policy forecasts, as they include experts who can anticipate market needs.
Following the discussion, a technical session on “Holding Regulators Accountable” was conducted, featuring Archana Bhutani, Partner and India Regulatory Leader at Deloitte India; Pradeep Jayaraman, CEO of Adani Vizhinjam Port Private Limited; and K.G. Krishnamurthy Rao, Managing Director and CEO of Generali Central Insurance, with Professor Abhirup Bose from Jindal Global Law School moderating the session.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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