Increasingly mature regulation is powering innovation in India: Yashish Dahiya

Recently, Yashish Dahiya, Chairman & CEO, PB Fintech Limited, participated in the India Global Forum UAE. Speaking on the relationship between innovation and governance in India, Dahiya made some insightful remarks. 

He said, “Regulation did follow innovation; now regulation has started to understand what innovation means – innovation  is also power, innovation is also future problems. Now, regulation is getting ahead of (innovation).” He added that in this environment, the innovation that happens will be mindfully channelized and have  a clearer direction. 

Dahiya has very closely witnessed the industry’s evolving relationship with the regulator. Making a very positive observation on the same, he said, “We are finding very mature regulation and governance increasingly. Now, you are talking to someone who is ahead of you - is actually uplifting you in the conversation.”

He went on to give a holistic view of what this journey could mean for India. He said, “A belief is there today that India is definitely going to be one of the largest economies; and definitely the fastest growing one in the next 10-15 years. That belief now is unshakeable. Now, we need a second-level belief at some levels in the government because it is already there at the highest levels. Neither the Indian entrepreneur nor the Indian person was a bad person. They were both very very positive people, they were working very hard.”

Summing up his thoughts on the topic, he said, “We just need more trust and positivity with each other. We don’t need too much else as a country. Indians are already - you talk about healthcare, 15-20 percent doctors across the world are coming from India. Look at the number of CEOs who are driving, look at the innovation side – yes, we would love to collaborate with everybody but there is not too much that cannot be done in India. Change at scale will come from people who have experience to create that scale and we need to trust them. The future lies in clearing out those old rules.”