| [00:00.000] |
This is the Economics Report |
| [00:02.520] |
from VOA Learning English. |
| [00:05.730] |
India is hoping its economy will improve. |
| [00:10.620] |
In the last two years, |
| [00:12.670] |
economic growth dropped to its lowest levels in ten years. |
| [00:17.870] |
But there are few signs that the economy could return |
| [00:22.380] |
to the high growth rates that once made India |
| [00:26.050] |
one of the world's fastest growing economies. |
| [00:30.050] |
Gurdet Singh grows crops on about 40 hectares |
| [00:35.040] |
of fertile land in northern Punjab state, |
| [00:38.550] |
the area is financially successful because of farming. |
| [00:43.600] |
Mr Singh says, he plans to buy a new and bigger tractor |
| [00:49.200] |
to make his work easier. |
| [00:51.500] |
Mr Singh is so successful that he hopes to buy a car |
| [00:56.700] |
after he pays the loans for his new tractor. |
| [01:00.340] |
India's automobile manufacturers have suffered |
| [01:05.300] |
severe financial problems during the past two years. |
| [01:09.650] |
Industry officials are hoping that people like Mr Singh |
| [01:14.710] |
and others in rural areas will begin buying cars again. |
| [01:19.700] |
Vishnu Mathur is the head of the Society of |
| [01:24.000] |
Automobile Manufactures of India. |
| [01:26.800] |
He says there is weak demand in urban areas for passenger cars, |
| [01:32.800] |
but he says economic gains in India's rural areas |
| [01:37.700] |
could help car makers. |
| [01:39.810] |
Good feelings about the car industry may be a sign |
| [01:44.800] |
that the worst could be over for the Indian economy. |
| [01:48.710] |
Experts believe the economy will grow less than five percent |
| [01:54.360] |
when the 2013 fiscal year ends in March, |
| [01:59.010] |
but they say the country's agricultural industry |
| [02:03.160] |
will show better growth. |
| [02:04.910] |
The Indian currency - the rupee lost more than 20 percent of |
| [02:10.750] |
its value compared to the dollar last year, |
| [02:14.000] |
that should help India's exports which are increasing. |
| [02:18.250] |
Rafique Ahmed is the head of the Federation of |
| [02:23.000] |
Indian Export Organizations. |
| [02:26.300] |
He says exports are growing because the devalued rupee |
| [02:31.540] |
and better global economic conditions. |
| [02:34.940] |
While growth is widely expected to increase, |
| [02:39.700] |
economists say it is unlikely to reach levels seen in 2011 |
| [02:45.640] |
for example, when growth was nine percent. |
| [02:49.890] |
Economists say confidence among investors, |
| [02:54.940] |
both in India and in other countries must return |
| [02:59.400] |
before the Indian economy can improve. |
| [03:03.460] |
Private investment has slowed because investors are concerned |
| [03:09.700] |
by the lack of reform in government barriers to business. |
| [03:16.060] |
Many investors and businesses are waiting to see |
| [03:20.560] |
whom voters would choose to led the country |
| [03:23.860] |
in national elections to be held by May. |
| [03:28.150] |
Finance Minister P. Chidambaram has said |
| [03:33.240] |
growth will increase to more than six percent in 2014. |
| [03:38.750] |
And that's the Economics Report. |
