Nitin Gadkari told manufacturers they need not lose heart. (File)

Amid a widespread slowdown in the economy, Union minister Nitin Gadkari on Saturday assured asked industries that things will get better and asked people to not lose heart.

Mr Gadkari, who apart from the road transport portfolio also looks after the Micro, Small and Medium Enterprises, was speaking at an industries event in Nagpur

"I know the industries are going through a tough time now. Recently, I met automobile manufacturers at the All India Convention of Automobile Industry and all of them were little worried," Mr Gadkari said.

"I told them, kabhi khushi hoti hain kabhi gam hota hai (there are times of joy and times of sorrow). Sometimes you succeed, sometimes you fail. Life is a cycle. Similarly because of global economy, demand and supply, businesses also face troubles. The rest of the world is facing this problem too. So don't get disappointed, this time will pass," Mr Gadkari said.

"And I certainly feel that in coming days we are going to be the fastest growing economy," he added.