NEW DELHI—India's economy decelerated in the second quarter as industrial output sagged, adding to the country's woes as it struggles with a plunging currency and rising inflation. In a speech to Parliament on Friday before the data were released, Prime Minister Manmohan Singh tried to reassure investors, saying that growth would rebound later this year and promising policies friendly to foreign capital. "The last two decades have seen India grow as an open economy," Mr. Singh said. "We have the ambition, we have the means, we have the resources and the willpower to put the economy back on rails of high stable growth." The premier predicted gross domestic product growth(国内生产总值) could reach a rate of 6% to 8% annually in the next two or three years.（吹牛） On Friday, the Statistics Ministry said GDP expanded 4.4% in the three months from April through June, compared with the same period a year earlier. That was slower than the 4.8% growth rate in the first quarter. No annualized estimate was available. It was the weakest pace since the first quarter of 2009, when the economy was reeling from the effects of the global financial crisis that followed the collapse of U.S. investment bank Lehman Brothers. The data is "disappointing because it points to the fact that the economy is unlikely to reach 5% growth for the year as a whole," said Abheek Barua, chief economist at HDFC Bank in New Delhi. India, the world's second-most-populous country after China and Asia's third-largest economy, after China and Japan, has been among the hardest hit by a pullback of investors from emerging markets in anticipation of tighter global liquidity. The country has a large current-account deficit because imports far exceed exports. Because that deficit must be financed by foreign money, India has been especially vulnerable to the shift in investor sentiment. 印度所面临的进口严重超过出口，导致资金外流，所以要通过外币来finance。 India's currency, the rupee, has fallen sharply. It hit an all-time low of 68.8 rupees to the dollar during trading in Mumbai on Wednesday, putting it down 22% since early May. It has since rebounded to 65.9 to the dollar. 印度通过一点点调整，使卢比价值上升了些，到达65.9。 Prime Minister Singh said that some of that drop was "merely a needed adjustment" and that the rupee's slide would help boost exports and decrease imports, helping to shrink the troublesome current-account deficit. Although he said that foreign-exchange markets lately had gone too far, he said India would not impose capital controls . "Ultimately, the value of the rupee is determined by the fundamentals of the economy," Mr. Singh said. "We intend to do more to strengthen these fundamentals." Economists say a mix of problems, such as sustained inflation, a swelling fiscal deficit, tight credit and a slow policy response to market shifts, has hurt business confidence and choked industrial activity. Business people also complain that the country's decrepit infrastructure, power shortages and government red tape also discourage investment. The government in recent months has tried to address such concerns and has eased restrictions on foreign participation in about a dozen sectors. But investors have remained cautious because of the faltering economy and lingering doubts about the direction of government policy. On Monday, the lower house of Parliament approved a government-backed bill that would guarantee subsidized grains to almost 70% of the country's 1.2 billion citizens—and add to the fiscal burden on the state. Then on Thursday, the lower house approved legislation requiring greater compensation for landowners—mostly farmers—whose property is acquired for industrial development, potentially raising costs for businesses. Proponents of the bill say it will set clear rules for what has often been a chaotic process, ultimately aiding the acquisition of land for factories and infrastructure projects. 资料来源： http://online.wsj.com/article/SB10001424127887324009304579044612662587916.html?mod=WSJASIA_hpp_LEFTTopWhatNews
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