Economists call for land and business reforms for India’s growth

Economists have said that land reforms and improving the ease of doing business are critical for India's next phase of growth and achieving the 'Viksit Bharat' vision by 2047, according to rediff.com. The assessment follows Prime Minister Narendra Modi's Independence Day address, in which he outlined 'Sapta Dhara', or seven streams of strength, including manufacturing, infrastructure and technology, to drive economic transformation.

Madras School of Economics Director N R Bhanumurthy said the focus must shift to micro reforms, especially easing land acquisition by addressing gaps in land records. Crisil Chief Economist DK Joshi added that a more predictable domestic business environment and a stable FDI policy are essential. The government has announced fiscal support for land-related reforms and a review of India's model Bilateral Investment Treaty (BIT), but land remains a state subject requiring state-level action.

Rediff.com also reports that economists stress the need to streamline existing reforms, such as bringing petroleum products under GST and reducing compliance burdens. Meanwhile, Nikkei Asia reported that Modi's vision includes having 50 Indian companies in the Fortune 500.