Mumbai: Market participants have welcomed the measures that the government has announced so far to pump-prime the economy, but feel they are not enough to put growth back on the rails.Economic growth in Asia’s third-largest economy slumped to a six-year low of 5 per cent in the April-June quarter. The Reserve Bank of India (RBI) projects the growth rate to fall even further to 5.3 per cent in the July-September quarter.Multilateral agencies, including the International Monetary Fund (IMF), have also cut India’s growth forecast for this financial year and next.Market participants have called for more reforms even after Finance Minister Nirmala Sitharaman unexpectedly slashed corporate tax rate in September. They are now betting on land and labour reforms“First, if you announce 15 per cent tax rate for companies that set up new factories, it logically stands to reason that you make it easy to acquire land. There is no point in giving lower tax rate if they can’t get the land,” said Saurabh Mukherjea, Founder, Marcellus Investment Managers.He believes land reforms should logically follow in the remainder of this financial year, probably the Winter Session or Budget Session.Next on the cards should be labour reforms, Mukherjea told ETMakrets.com in an interview. “If you want to see job creation after the factories are built, labour reforms should be in order. Now, labour reforms is a holy cow in India, nobody has touched it since 1971,” he pointed out.Mukherjea also expects some cuts in personal income-tax rates going ahead. “Given the extent of corporate tax cuts, it would be anomalous if income-tax rates are not lowered. Otherwise, it will look very strange. So my reckoning is in the Budget, we will see income-tax cuts for the broader Indian population,” he said.Others seem to agree.Bharat Shah, Executive Director of ASK Group, says apart from land and labour reforms, taxation on agricultural income is also on his wish list. “There are some areas where reforms are still pending, such as land acquisition and labour reforms. There has to be some flexibility in terms of the ease with which one can hire and relieve labour,” Shah told ETMarkets.com in an interview.He said it was important to achieve parity in taxation on the agriculture side, which has been exempt from tax. “Agricultural income above a certain level, I think, must be taxed judiciously,” he said.On Tuesday, Sitharaman said the government would soon use its strong electoral mandate to usher in the next wave of reforms, and “not to miss the bus this time.”"...I am sure we will now show the commitment for reforms happens fast. That is where the mandate given to Modi 2.0 will help," she said, speaking at an event ."We will push forward with those reforms which have missed the bus last time, but won't miss the bus now," she asserted.Late on Wednesday, Sitharaman unveiled an alternative investment fund (AIF) worth Rs 25,000 crore to provide relief to developers with unfinished projects in order to ensure delivery of homes to buyers.While the government has earmarked Rs 10,000 crore towards the fund, Life Insurance Corporation of India and State Bank of India would also infuse money.