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India needs to aspire for higher growth: Experts

India needs to aspire for higher growth: Experts
Mumbai, June 29 (IANS) Amid a slowing Indian economy, a former Deputy RBI Governor on Saturday said that even an annual growth rate of 7 per cent is not good enough and India requires a much higher rate.

India has been witnessing a decline in the GDP growth for the past three consecutive quarters.

"India is $2k per capita income, China is $9k, Thailand is $6k. If we grow at 7 per cent annually, the per capita income will be lower than China today even 20 years from now. If we want to achieve our GDP goals, there's no choice but to have a higher aspiration for growth," the central bank's ex-Deputy Governor Rakesh Mohan said at the 58th SKOCH Summit on ModiNomics 2.0 here.

"We can't achieve high growth without high investment and can't have investment without savings," he added.

 

15th Finance Commission Chairman N.K. Singh, the keynote speaker, said that "revenue buoyancy continues to be very weak in the area of indirect taxes. We have to watch GST very carefully in the years to come. We have to increase compliance and minimize leakages".

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India needs to aspire for higher growth: Experts

About Gopi Adusumilli

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

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