Economists seek FTAs, land & labour reforms

Stress the need to return to 7-8% GDP growth

- PRASANTA SAHU

ECONOMISTS ON TUESDAY made a strong pitch for a new set of reforms to seamlessly integrate India with the global supply chains, including an aggressive pursuit of free trade agreements (FTAs), easing of land and labour market rigidities, and steps to raise farm income and overall consumption.

In their pre-Budget meeting with Prime Minister Narendra Modi, the economists also stressed the need to return to 7-8% gross domestic product (GDP) growth, and the "next phase of development cycle", sources said.

Modi met 19 economists from various sectors to seek their suggestions, ahead of Budget FY26, which is to be presented in the background of slowing of economic growth, tepid urban consumption, persisting external volatility, and the threat of high tariffs further impeding world trade and stoking global inflation.

India's GDP rose by 5.4% in July-September, the lowest rate in seven quarters, as weaker expansions in manufacturing and consumption hurt the economy.