TIWN
Mumbai, June 30 (TIWN) 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".
- IMF expects India to rev up global growth as China falters, backs Modi government's economic policies
- realme set to shake up market: Launching fastest entry-level 5G smartphone 'C65' under Rs 10k
- India's industrial production accelerates to 5.7pc in Feb
- India records 17 pc jump to become 4th largest exporter of digital services: WTO report
- 300 pc rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals