+
Economy may take longer to reach $5 trillion target: Sanjeev Sanyal
ECONOMY & POLICY

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

On Wednesday, Sanjeev Sanyal, Principal Economic Advisor, Ministry of Finance, told the media that India's economy is on the mend after the pandemic-induced shocks but it may take an additional year or so to reach the $5 trillion mark.

He said that the economy has begun to recover quickly after the second wave of the Covid-19 pandemic subsided. The GDP growth rate is likely to be positive in the April-June quarter.

If no significant loss from the (possible) third wave of the pandemic is observed in India and vaccination continues at the same speed then economic growth would be seen in the next three-four months, he added.

The government is taking inflation seriously, but there was a need to take cautious measures to control it as economic activities in the nation have just been hopping back after the second wave of the pandemic, Sanyal said.

International rating agencies keep revising their growth estimates about the Indian economy, but there has been no change in the government's viewpoint, he said. The assumption in the budget was that the real growth rate of the Indian economy in the current financial year would be 10.5%, he said. Economic activities are getting momentum, and forecasts about growth rate should not be given much attention, Sanyal added.

Image Source


Also read: Consumer digital economy of India to reach $800 bn by 2030: RedSeer

Also read: Ministry of Finance announces key schemes to boost economy

On Wednesday, Sanjeev Sanyal, Principal Economic Advisor, Ministry of Finance, told the media that India's economy is on the mend after the pandemic-induced shocks but it may take an additional year or so to reach the $5 trillion mark. He said that the economy has begun to recover quickly after the second wave of the Covid-19 pandemic subsided. The GDP growth rate is likely to be positive in the April-June quarter. If no significant loss from the (possible) third wave of the pandemic is observed in India and vaccination continues at the same speed then economic growth would be seen in the next three-four months, he added. The government is taking inflation seriously, but there was a need to take cautious measures to control it as economic activities in the nation have just been hopping back after the second wave of the pandemic, Sanyal said. International rating agencies keep revising their growth estimates about the Indian economy, but there has been no change in the government's viewpoint, he said. The assumption in the budget was that the real growth rate of the Indian economy in the current financial year would be 10.5%, he said. Economic activities are getting momentum, and forecasts about growth rate should not be given much attention, Sanyal added. Image Source Also read: Consumer digital economy of India to reach $800 bn by 2030: RedSeer Also read: Ministry of Finance announces key schemes to boost economy

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?