VOA标准英语2008年-India's Economy Maintains 9 Percent Growth

By Anjana Pasricha
New Delhi
31 May 2008

India's economy grew by nine percent last year making it the world's fastest-growing major economy after China.  But the news is not all good. There are worries that high crude oil prices and runaway¹ inflation will slow down growth. Anjana Pasricha has a report from New Delhi.

India has pegged² economic growth in the last fiscal³ year at a higher-than expected nine per cent. It is the third successive year that the economy has grown at this pace.

The numbers should have brought cheer to the government. But Indian officials are not celebrating as they battle two emerging concerns, high global crude oil prices and rising inflation. 

Record high crude oil prices are hurting India significantly because it imports about 70 percent of its needs.  

The government heavily subsidizes prices of petroleum⁴ products. But public sector⁵ oil companies are now reeling under losses, and have warned they could face a cash crunch⁶ if retail⁷ prices are not raised.

The government is likely to raise prices of gasoline soon, but there are concerns that the move will fuel inflation, which is already running high.

India's inflation rate surpassed eight percent last week, its highest level in four years.

Finance Minister P. Chidambaram says the government is trying to get a grip on prices. But he says there are no "easy solutions or instant answers."

"Nobody is drawing any great satisfaction with an inflation [rate] of 8.1 [percent]," said Chidambaram. Eight-point-one is worrisome inflation. But we are confident that we will gain mastery over the situation, and inflation will be contained over a period of time. Of course it depends on crude oil prices and commodity prices."

However, the finance minister expressed optimism that the economy will maintain a growth rate of 8.5 percent in the current year.

Economists⁸ say that may not be an easy task. There are already signs that the economy is slowing somewhat. Growth in the manufacturing sector came down substantially in the early part of the year, partly due to slowing demand from consumers being hurt by high prices.

Indeed, the year ahead could be challenging for India.  Economists say the government faces a daunting⁹ task in trying to maintain a high economic growth rate and keep inflation in check, which is hurting millions of poor people in the country.

1 runaway   

n.逃走的人，逃亡，亡命者；adj.逃亡的，逃走的

参考例句：

• The police have not found the runaway to date.警察迄今没抓到逃犯。
• He was praised for bringing up the runaway horse.他勒住了脱缰之马受到了表扬。

2 pegged   

v.用夹子或钉子固定( peg的过去式和过去分词 )；使固定在某水平

参考例句：

• They pegged their tent down. 他们钉好了账篷。 来自《简明英汉词典》
• She pegged down the stairs. 她急忙下楼。 来自《现代英汉综合大词典》

3 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

4 petroleum   

n.原油，石油

参考例句：

• The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
• The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。

5 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

6 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

7 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

8 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

9 daunting   

adj.使人畏缩的

参考例句：

• They were faced with the daunting task of restoring the house.他们面临着修复房子的艰巨任务。
• Starting a new job can be a daunting prospect.开始一项新工作有时会让人望而却步。