Financial regulations pave way for responsive policies

SET UP IN 2010, THE FSDC HAS WORKED TO STREAMLINE AND STABILISE THE FINANCIAL SECTOR THROUGH INTER-REGULATORY COORDINATION

- HT and Mint Correspondents

MUMBAI: India will undertake its most extensive regulatory reform initiative yet, establishing new mechanisms to evaluate both financial and business regulations as part of a broader push to boost growth and competitiveness, finance minister Nirmala Sitharaman announced on Saturday. "We are determined to ensure that our regulations must keep up with technological innovations and global policy developments," Sitharaman said while presenting India's 2025-26 budget. "A light-touch regulatory framework based on principles and trust will unleash productivity and employment. Through this framework, we will update regulations that were made under old laws."

The reforms span six key domains that will "augment our growth potential and global competitiveness" over the next five years: taxation, power sector, urban development, mining, financial sector, and regulatory reforms.