[Help-bash] loading a file into a variable using cat

[Lakshman Siddardha]

file:list
----------------------------------------
hello
world
----------------------------------------

when i type on terminal the following command:
$ cat $file

it displays as it is in file
----------------------------------------
hello
world
----------------------------------------

when i execute a shell script, it gives output in one line only
---------------------------------------
ex.sh
----------------------------------------
lista=$(cat list)
echo $lista
-------------------------------------

it gives output of
--------------------------
hello world
-------------------------

i want new line character between "hello" and "world"