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 Energy

22 Oct 2025

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..