Hi Niranjan,
This error appears when an interaction (such as clicking on an element) makes the page start to load content. If loading of the page reaches the maximum amount of time given, this error will be thrown. It is up to the user to determine if the amount of time is sufficient or if more can be used. For example, the error you have provided has 60 at the end, so this means you have given the page 60 seconds to load but it was not enough. User Execution Preferences controls the default timeouts for local run and independent cloud executions, whereas Execution Sets timeouts are controlled on the creation or Edit form. The maximum values can be added in Administration > Account Preferences > Timeouts.
If loading takes too long, this could mean that there is an issue with the site, or an issue with the connection of the person who is running the test which makes the page take longer than usual to load.
Regards,
Subject7 Team