Economy will bounce back, says Sadananda Gowda

BENGALURU: Union minister for chemicals and fertilizers DV Sadananda Gowda said on Saturday that the slump in GDP was temporary and the economy would bounce back soon.
Gowda, who was the chief guest at Karnataka CMA Convention (KCMA - 2020) organised by The Institute of Cost Accountants of India, said India had made some actual progress in the BJP government’s term, unlike in the past 60-65 years.
“Today, we hear people complaining that the GDP has gone down. But one must understand that it is because of the stringent measures followed by the country and the global economic slowdown. A country needs financial discipline to grow,” he said, terming the 2016 demonetisation a part of such stringent measures.
“...There are examples of countries that tried to implement demonetisation and ended up losing their power. We, on the other hand, took the tough call to get rid of corruption in the country,” he said.
He also said the economy will grow at a higher rate than the world expects. “We are aiming for a 9% GDP growth and a $5 trillion economy by 2024. We can dare to be ambitious because of financial discipline,” he said.