SME Times News Bureau | 29 Jun, 2019
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.
The comment came amid a slowing Indian economy.
India has been witnessing a decline in the GDP growth for the past three
"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".