India needs land, labour reforms to achieve 7.6% growth: PHDCCI

The Dollar Business Bureau

Industry and trade body PHD Chamber of Commerce and Industry (PHDCCI) on Monday pitched for key reforms such as land, capital, labour, and entrepreneurship for the country to achieve the economic growth beyond 7.6 percent per year. 

The chamber also emphasized on reforms in the agriculture and construction sectors to increase the demand for country’s industrial goods.

These suggestions emerged at a seminar organised by PHDCCI on the 'Growth Prospects of Indian Economy' which sought a just ground for international micro, small and medium enterprises (MSMEs) to operate in India, with relaxed ease of doing business regulations. 

"Land reforms have become imperative as it is a major ingredient in the four factors of production because of its availability factor with creation of land banks for utilisation of industry," the chamber said. 

It further said that removing administrative bottlenecks, improving the infrastructure utilities and simplifying the taxes would go a long way in boosting the entrepreneurship spirit.

The reforms in agricultural sector are also vital in augmenting demand with a focus on irrigation, productivity and soil improvement, organic farming and crop protection, it added.