Industry body PHD Chamber of Commerce and Industry today pitched for major reforms such as land, labour, capital and entrepreneurship for India to achieve economic growth exceeding 7.6 per cent per annum. The chamber also pressed for reforms in agriculture and construction sectors to spur demand for India's industrial produce. The suggestions emerged at a seminar on 'Growth Prospects of the Indian Economy' which sought a fair ground for overseas micro, small and medium enterprises to operate on Indian soil, with relaxed labour laws and 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 said that removal of administrative bottlenecks, improvement in infrastructure utilities and simplification of taxes would go a long way in promoting the spirit of entrepreneurship.
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