A method for generating corrected measured current in an Intelligent Electronic Device (IED) that is a true representation of primary current in an electrical network is disclosed. The method uses regression and a first threshold on measured sampled values from CT to detect a deviation instance that indicates a possibility of saturation. Wavelet and second threshold based detection of instances of saturation is then done. Then a regression based correction that uses a dynamic correction factor is implemented in real time to obtain corrected sampled values i.e. corrected measured current. Ending of correction is done based upon a predetermined selection criterion, The generated corrected measured current is used for protection and control functions in the IED. A CT output re-generation module as a functional module in the IED for implementing the method as described above is also disclosed.