Pradhan said telecom and aviation sectors are shining example of what competition can do for consumers.
Opening up of these sectors to private players had led to crash in phone call rates and internet charges as well as provided wider option to travellers to choose from affordable airfare.
"This democracy is committed to the common man of the country. We have to create ease of living through more open and process driven regulation. Product is important, who is running it is not important," he said.
He refused to be drawn into timelines for stake sale in BPCL, the country's second biggest state-run oil refining and marketing company.
It is being speculated that the Union Cabinet may take up a proposal to privatise BPCL as early as next week.
Stake sale in BPCL is critical for the government to meet its disinvestment target of Rs 1.05 lakh crore set for the current fiscal year.