Admitting the fact that demonetisation will impact Gross Domestic Product (GDP), Union Minister for Statistics and Programme Implementation D. V. Sadananda Gowda has said that demonetisation could bring down the growth rate by just 0.2 percent and not more than that. He added that India’s GDP stood at 7.6 percent and it may go down to 7.4 percent.
Gowda said 'I do concede that there will be impact of demonetisation on GDP and I do not dispute it. There is a small problem as far as employment generation and industrial productions are concerned, but still, it may not go down more than 0.2 percent'. Further, he expressed hopes that the problem would be sorted out soon and automatically things will improve. He said that for 10-12 days, more than Rs 4,000 crore black money have been unearthed and also recovered gold in kilograms.
Minister also said that corruption should be curbed at any cost to maintain financial discipline in the country. He added that the Centre has taken stringent measures and action against bank and other officials who had colluded with the black marketeers and others who had violated the law.