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 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".