Indian economy on revival path: Union Minister Pankaj Chaudhary

20 Jul 2021 CW Team

The estimate of India's real Gross Domestic Product (GDP) growth is 0.5% in the third quarter and 1.6% in the fourth quarter of FY 2020-21, resulting in an upward revision in the annual real GDP growth from -8% to -7.3%, he said.

Chaudhary told the media that the momentum of the economic recovery was moderated by the onset of the second wave of the Covid-19, he added.

He said that the economic recovery is reflected in many high-frequency indicators such as E-way bills, rail freight, power consumption, UPI transactions, vehicle registrations.

The government has formulated a multi-pronged strategy to keep the prices of essential commodities under control. It includes the issuance of orders imposing stock limits, valid for wholesalers, retailers, importers, and millers, effective from July 2, with the increase in the number of price monitoring centres under the Price Monitoring Scheme, says Chaudhary.

Citing RBI's Monetary Policy Committee (MPC) resolution, he said that the rising trajectory price of international commodities like crude oil, logistics costs creates upside risks to the inflation outlook.

Chaudhary said that the cost pressures are expected to be mitigated by south-west monsoon, comfortable buffer stocks, interventions in the pulses market, the decline in Covid-19 cases, and easing of state-wise Covid-19 restrictions.

Looking into all the factors, MPC has projected consumer price index (CPI) inflation at 5.1% in FY 2021-22 with balanced risks. The MPC will continue to review the inflation outlook in its bi-monthly meetings, he said.

According to him, the government has taken actions to arrest the rising retail inflation in food commodities. It has eased the import restrictions to make domestic availability of pulses and even signed MoUs with Mayanmar, Mozambique, and Malavi for the import of pulses.

Image Source

Also read: K-shaped economic recovery: CFA Institute members predict recovery

Also read: Economy may take longer to reach $5 trillion target: Sanjeev Sanyal

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Minister of State for Finance Pankaj Chaudhary told the media that the Indian economy is showing signs of revival since the peaking of the second wave of Covid-19 in May 2021 on the back of targeted fiscal relief, strong push for capital expenditure, and rapid vaccination drive. The estimate of India's real Gross Domestic Product (GDP) growth is 0.5% in the third quarter and 1.6% in the fourth quarter of FY 2020-21, resulting in an upward revision in the annual real GDP growth from -8% to -7.3%, he said. Chaudhary told the media that the momentum of the economic recovery was moderated by the onset of the second wave of the Covid-19, he added. He said that the economic recovery is reflected in many high-frequency indicators such as E-way bills, rail freight, power consumption, UPI transactions, vehicle registrations. The government has formulated a multi-pronged strategy to keep the prices of essential commodities under control. It includes the issuance of orders imposing stock limits, valid for wholesalers, retailers, importers, and millers, effective from July 2, with the increase in the number of price monitoring centres under the Price Monitoring Scheme, says Chaudhary. Citing RBI's Monetary Policy Committee (MPC) resolution, he said that the rising trajectory price of international commodities like crude oil, logistics costs creates upside risks to the inflation outlook. Chaudhary said that the cost pressures are expected to be mitigated by south-west monsoon, comfortable buffer stocks, interventions in the pulses market, the decline in Covid-19 cases, and easing of state-wise Covid-19 restrictions. Looking into all the factors, MPC has projected consumer price index (CPI) inflation at 5.1% in FY 2021-22 with balanced risks. The MPC will continue to review the inflation outlook in its bi-monthly meetings, he said. According to him, the government has taken actions to arrest the rising retail inflation in food commodities. It has eased the import restrictions to make domestic availability of pulses and even signed MoUs with Mayanmar, Mozambique, and Malavi for the import of pulses. Image Source Also read: K-shaped economic recovery: CFA Institute members predict recovery Also read: Economy may take longer to reach $5 trillion target: Sanjeev Sanyal

Infrastructure Transport

27 Jun 2026

Noida Airport Fuels NCR Realty Growth

The start of commercial operations at Noida International Airport has recently emerged as a major trigger for real estate growth across Noida, Greater Noida and the Yamuna Expressway region. The airport is expected to improve regional connectivity and support the next phase of development in eastern NCR.The airport, inaugurated on 28 March, has begun passenger services, while cargo operations are also expected to strengthen its role as an economic and logistics hub. Its operationalisation is expected to reduce dependence on Delhi’s Indira Gandhi International Airport for residents and busine..

Technology

27 Jun 2026

thyssenkrupp and GlobalLogic Form AI Alliance

thyssenkrupp AG and GlobalLogic, a Hitachi Group company, have recently formed a strategic alliance to deploy autonomous robotics and Physical AI across heavy industry operations. The partnership aims to improve safety, reduce engineering bottlenecks and accelerate industrial transformation at scale.The alliance brings together thyssenkrupp’s industrial expertise with Hitachi’s innovation capabilities. It includes GlobalLogic, Method and Hitachi America R&D, creating a “Lab-to-Scale” pipeline that connects research, digital strategy, design and enterprise software engineering for i..

Real Estate

27 Jun 2026

Platinum Corp Launches Luxury Suites in Santacruz

Platinum Corp has recently launched Platinum Stellar: Bespoke Presidential Suites, a premium residential project in Santacruz West, Mumbai. The development is positioned as a boutique luxury offering for homebuyers seeking expansive layouts, privacy and personalised living experiences.Located on Main Avenue, the project has been designed as a low-density, high-end residential address with spacious homes starting from 2,500 sq ft and extending to full-floor residences. The project targets HNIs, business owners and legacy residents from the Bandra-Khar-Santacruz belt.Platinum Stellar has been de..