India, Sept. 19 -- Besides continuing expenditure to create physical and social infrastructure, a 'Viksit Bharat' financing strategy requires higher savings, stronger private investments, prudent state finances and stronger cooperative federalism, Fifteenth Finance Commission chairman NK Singh said on Friday.

Delivering the keynote address on 'Financing India's Journey towards Viksit Bharat' at the conference of state finance ministers and finance secretaries, he emphasized on the need for a new centre-state economic compact to implement the financing strategy. Singh is also president and life trustee of the Institute of Economic Growth (IEG).

At the inaugural address, he stressed on the need to nudge states for a healthy competition am...