India needs to aspire for higher growth: Experts
Mumbai : - 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.