VOA标准英语2011--India Holds Interest Rates Steady Amid Economic Slowdown

India Holds Interest Rates Steady Amid Economic Slowdown

 

As India struggles with an economic slowdown, the central bank has decided¹ to hold interest rates steady. A series of aggressive rate hikes in the last 18 months have been partly blamed for dampening growth.

Five months ago Trishna Chaudhuri, 33, and her husband took a loan to buy an apartment in Gurgaon near New Delhi. But since then, interest rates have gone up. As a result, says Chaudhuri, they have to fork out nearly ten percent more every month toward the repayment² of their home loan.

"It has increased twice since our loan started. For a household budget, it does disrupt it," Chaudhuri said.

That is why Chaudhuri was relieved by the Central Bank's announcement on Friday that interest rates will not be raised.

Millions of middle-class Indians, who were snapping up cars and homes months ago, have since slowed down on their purchases. Loans have become more expensive with 13 interest rate hikes since last March.

These aggressive hikes were meant to cut inflation. But economists³ say they have slowed down an economy which was racing⁴ along at nearly 9 percent, and which relies heavily on domestic consumption. Industrial output fell by as much as 5.1 percent in September.

Indian rickshaw drivers wait for passengers as vendors5 sell fruit and vegetables at a street market in New Delhi, India, December 15, 2011.

Indian Finance Minister Pranab Mukherjee, who has been stressing on the need to revive growth, is welcoming the central bank's decision to pause interest rate hikes.

"I am hopeful today's announcement should help in regaining⁶ our growth momentum⁷ with improved macroeconomic parameters," said Mukherjee.

However business leaders are not satisfied. They want the central bank to cut interest rates to encourage investment and give businesses access to more affordable⁸ financing. They say lowering interest rates will also bring consumers back into the market.

Business leaders point out that a key barometer⁹ of consumer confidence, car sales, has taken a hit. Auto¹⁰ sales are expected to grow by less than 5 percent this year compared to 30 percent last year.

Economists say that the central bank will begin to lower interest rates once inflation is under control. Inflation has slowed to a one-year low of about 9 percent, but still remains¹¹ high. However, officials are confident that it will moderate even further in the weeks to come.

Inflation, particularly high food prices, is a politically sensitive issue in India, where more than two-thirds of the population lives on less than $2 a day.

1 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

2 repayment   

n.偿还，偿还款；报酬

参考例句：

• I am entitled to a repayment for the damaged goods.我有权利索取货物损坏赔偿金。
• The tax authorities have been harrying her for repayment.税务局一直在催她补交税款。

3 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》

4 racing   

n.竞赛，赛马；adj.竞赛用的，赛马用的

参考例句：

• I was watching the racing on television last night.昨晚我在电视上看赛马。
• The two racing drivers fenced for a chance to gain the lead.两个赛车手伺机竞相领先。

5 vendors   

n.摊贩( vendor的名词复数 )；小贩；（房屋等的）卖主；卖方

参考例句：

• The vendors were gazundered at the last minute. 卖主在最后一刻被要求降低房价。
• At the same time, interface standards also benefIt'software vendors. 同时，界面标准也有利于软件开发商。 来自About Face 3交互设计精髓

6 regaining   

复得( regain的现在分词 )； 赢回； 重回； 复至某地

参考例句：

• She was regaining consciousness now, but the fear was coming with her. 现在她正在恢发她的知觉，但是恐怖也就伴随着来了。
• She said briefly, regaining her will with a click. 她干脆地答道，又马上重新振作起精神来。

7 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

8 affordable   

adj.支付得起的，不太昂贵的

参考例句：

• The rent for the four-roomed house is affordable.四居室房屋的房租付得起。
• There are few affordable apartments in big cities.在大城市中没有几所公寓是便宜的。

9 barometer   

n.气压表，睛雨表，反应指标

参考例句：

• The barometer marked a continuing fall in atmospheric pressure.气压表表明气压在继续下降。
• The arrow on the barometer was pointing to"stormy".气压计上的箭头指向“有暴风雨”。

10 auto   

n.(=automobile)(口语)汽车

参考例句：

• Don't park your auto here.别把你的汽车停在这儿。
• The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。

11 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。