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

02 Jul 2021 CW Team

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

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..