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This is the Economics Report |
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from VOA Learning English. |
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India is hoping its economy will improve. |
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In the last two years, |
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economic growth dropped to its lowest levels in ten years. |
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But there are few signs that the economy could return |
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to the high growth rates that once made India |
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one of the world's fastest growing economies. |
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Gurdet Singh grows crops on about 40 hectares |
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of fertile land in northern Punjab state, |
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the area is financially successful because of farming. |
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Mr Singh says, he plans to buy a new and bigger tractor |
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to make his work easier. |
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Mr Singh is so successful that he hopes to buy a car |
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after he pays the loans for his new tractor. |
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India's automobile manufacturers have suffered |
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severe financial problems during the past two years. |
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Industry officials are hoping that people like Mr Singh |
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and others in rural areas will begin buying cars again. |
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Vishnu Mathur is the head of the Society of |
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Automobile Manufactures of India. |
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He says there is weak demand in urban areas for passenger cars, |
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but he says economic gains in India's rural areas |
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could help car makers. |
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Good feelings about the car industry may be a sign |
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that the worst could be over for the Indian economy. |
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Experts believe the economy will grow less than five percent |
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when the 2013 fiscal year ends in March, |
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but they say the country's agricultural industry |
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will show better growth. |
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The Indian currency - the rupee lost more than 20 percent of |
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its value compared to the dollar last year, |
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that should help India's exports which are increasing. |
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Rafique Ahmed is the head of the Federation of |
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Indian Export Organizations. |
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He says exports are growing because the devalued rupee |
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and better global economic conditions. |
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While growth is widely expected to increase, |
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economists say it is unlikely to reach levels seen in 2011 |
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for example, when growth was nine percent. |
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Economists say confidence among investors, |
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both in India and in other countries must return |
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before the Indian economy can improve. |
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Private investment has slowed because investors are concerned |
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by the lack of reform in government barriers to business. |
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Many investors and businesses are waiting to see |
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whom voters would choose to led the country |
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in national elections to be held by May. |
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Finance Minister P. Chidambaram has said |
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growth will increase to more than six percent in 2014. |
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And that's the Economics Report. |