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.

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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

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