Enam Holdings, 'Without labor laws, India won't reach 10% GDP'
Expert insights from Enam Holding's Director Manish Chokhani and Motilal Oswal Financial Services' Chairman Raamdeo Agrawal on India's economic growth potential and the power of the stock market.
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New Delhi: Enam Holding's Director, Manish Chokhani, believes that if Prime Minister Narendra Modi's government secures a third consecutive term, India could achieve a remarkable 10% economic growth rate. However, this would require significant legislative changes, including the enactment of farm, labor, administrative, and judicial reforms. There is a huge impact of labour laws on India's GDP growth according to Manish Chokhani from Enam Holdings. He highlighted the necessity of transitioning individuals from agriculture to urban sectors and ensuring skill development.
During a panel discussion on CNBC-TV18's India Exchange program in Mumbai, Chokhani expressed optimism about the BJP government's potential to push for these reforms and drive the economy towards the 10% growth target.
Raamdeo Agrawal, Chairman and co-founder of Motilal Oswal Financial Services, also stressed the importance of leveraging the stock market's potential. He highlighted that if India effectively utilizes the stock market, it could evolve into a $10 trillion market economy within the next four to five years. Director Manish Chokhani discusses the importance of labour laws for India's GDP target.
Agrawal emphasized that governments often overlook the wealth-creation potential of the stock market. He cited the significant capital market gains in comparison to the country's GDP, underlining the importance of recognizing and harnessing this wealth-creation mechanism. labour law reforms for India's economic development goals are crucial, as highlighted by Agrawal.
He further pointed out that the stock market's power distinguishes India from China and sets it apart, similar to the difference between the United States and other countries. The correlation between labour laws and economic growth in India is significant, as emphasized by Agrawal.
Both Chokhani and Agrawal focused on the importance of strategic reforms and leveraging the stock market's potential in driving India's economic growth towards the ambitious 10% mark and beyond.
