Union Finance minister on Thursday said the hardships faced by the people after the November 8 demonetisation will last only for one or two quarters but its effect on the Indian economy will be long-term.

"The effect of demonetisation will remain for one or two quarters, but its effect on the economy will be seen in the long term," Jaitley said on the sidelines of the 'Made in Odisha Conclave' here.

The minister thanked Odisha Chief Minister Naveen Patnaik for backing the Centre on demonetisation and the GST (Goods and Services Tax).

Hailing Odisha's high growth rate this year, Jaitley said: "If Odisha's state gross domestic product grows faster than the national GDP, it will help in improving the national GDP."

Odisha registered a State GDP of 9.2%, 2% higher than the national GDP.