FNR == NR {if (NR > 1) TA[$1] = $2; next} {TMP = $0; for (t in TA) {$0 = TMP; sub ("\|", t); sub ("#", TA[t]); print}}

gawk32 -f template.gk dictionary.txt template.txt>out

acquire=मिल|=
go=चल|=
do=कर|=
acquire=मिल|=ो
go=चल|=ो
do=कर|=ो
acquire=मिलPlease |=िए
go=चलPlease |=िए
do=करPlease |=िए
acquire=मिलPlease |=िएगा
go=चलPlease |=िएगा
do=करPlease |=िएगा
acquire=मिलI will |=मैं ूँगा
go=चलI will |=मैं ूँगा
do=करI will |=मैं ूँगा
acquire=मिलWe will |=हम ेंगे  
go=चलWe will |=हम ेंगे  
do=करWe will |=हम ेंगे  
acquire=मिलI will |=मैं ूँगी
go=चलI will |=मैं ूँगी
do=करI will |=मैं ूँगी
acquire=मिलWe will |=हम ेंगी 
go=चलWe will |=हम ेंगी 
do=करWe will |=हम ेंगी 
acquire=मिलYou will |=तू ेगा
go=चलYou will |=तू ेगा
do=करYou will |=तू ेगा
acquire=मिलYou will |=तुम ोगे
go=चलYou will |=तुम ोगे
do=करYou will |=तुम ोगे
acquire=मिलYou will |=तू ेगी
go=चलYou will |=तू ेगी
do=करYou will |=तू ेगी
acquire=मिलYou will |=तुम ोंगी
go=चलYou will |=तुम ोंगी
do=करYou will |=तुम ोंगी
acquire=मिलHe will |=वह ेगा
go=चलHe will |=वह ेगा
do=करHe will |=वह ेगा
acquire=मिलThey will |=वे ेंगे 
go=चलThey will |=वे ेंगे 
do=करThey will |=वे ेंगे 
acquire=मिलShe will |=वह ेगी
go=चलShe will |=वह ेगी
do=करShe will |=वह ेगी
acquire=मिलThey will |=वे ेंगी
go=चलThey will |=वे ेंगी
do=करThey will |=वे ेंगी