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"I believe the worst is over," Nath said adding that the last two months of the current fiscal would be much better in terms of growth.
The Indian economy grew by 5.3 per cent in the third quarter, a low of over five years, against a whopping 8.9 per cent a year ago, as agriculture and manufacturing output contracted.
Farm sector contracted by 2.2 per cent while manufacturing shrank by 0.2 per cent.
The April-December growth works out to 6.9 per cent against 7.1 per cent shown in the government estimates.
Nath said the Government is aware of the sluggish growth in the economy during the October-December quarter and that is why it announced the stimulus package.
He said the Government took steps to address the issue of sluggish growth in the economy more evident in the third quarter.
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Here's another baboon talking. Earlier our genius economist PM Manmohan Singh and Harvard educated financial wizard P Chidambaram insisting that our growth rate won't be less than 7.6%. These so called geniuses are making fool of themselves. And, stock analysts, financial experts are are no better than palm readers.