India should revamp its bureaucracy and speed up decision-making process if it has to attain an annual growth rate of 12-15 per cent per annum, global investment advisor, Marc Faber, said on Wednesday.

"India has the potential to grow its Gross Domestic Product at 12-15 per cent annually but the government is the biggest impediment in realising such a target," Faber said addressing a seminar on global investment trends in Mumbai.

It was necessary to 'dismantle' bureaucracy to speed up decision-making, especially to improve the country's infrastructure, including airports and roads, he said.

"Though the situation is improving, the pace of change is very slow and with entrenched bureaucracy, India would grow only at five to six per cent per annum," he added.

With Asia emerging as favoured investment destination in the last 12 months, India's capital markets were poised to get higher foreign investments, he said.

Indian companies, too, would attract higher level of investments on the back of a rise in overseas fund managers' interest in Asian markets, he added.