Ajay Seth, the Chairman of the Insurance Regulatory and Development Authority of India (Irdai), stated that the primary goal of regulations should be to minimize non-compliance while maximizing economic activities. Speaking at the launch of the Report on Regulatory Governance by Jindal Law School, Seth argued that regulations are vital for fostering competition, protecting consumers, and ensuring market fairness. However, he emphasized that the core purpose of regulations extends beyond merely addressing market failures. He acknowledged the challenges regulators face in balancing efficiency, stability, and equitable distribution. Seth also pointed out the necessity of maximizing domestic growth levers amid global constraints related to exports, energy, and climate. He proposed that a combination of deregulation and improved regulations is essential for navigating current economic risks, advocating for smart regulations and oversight rather than rigid prescriptions.