New Delhi, Sept. 18 -- India will need to save more, mobilize more private capital and allocate investment more efficiently to sustain the 7-8% growth needed for the Viksit Bharat goal, former finance commission chairman N.K. Singh said on Friday. He also called for closer fiscal coordination between the Centre and states as India enters what he described as an "inflexion point".

Gross domestic savings, combining households, the private sector and government, are currently around 34% of GDP, Singh said, arguing that India should raise the rate to 38-40% of GDP, around its historical peak, to support the investment required for its development ambitions.

"Financing therefore becomes critical. We need to augment and seek additional resour...