News

India expects above-average monsoon rains, boosting agricultural production and economy

India
Sustainability & Environmental Impact
Market & Price Trends
Published Apr 15, 2024

Tridge summary

India is poised for a significant agricultural boost in 2024, with forecasts predicting above-average monsoon rains at 106% of the long-term average. This optimistic outlook follows a year of challenging conditions, including export restrictions on essential commodities like sugar, rice, onions, and wheat due to reduced production from below-normal rainfall in 2023. The anticipated improvement in monsoon rains is expected to benefit the agriculture-dependent economy by enhancing crop irrigation, replenishing reservoirs, and potentially allowing for the relaxation of export restrictions, thereby aiding in agricultural growth and helping to mitigate food price inflation.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

By Mayank Bhardwaj and Rajendra Jadhav NEW DELHI/MUMBAI (Reuters) - India said on Monday it is likely to receive above-average monsoon rains in 2024, in a possible boost for the country that is highly dependent on summer rains for its agricultural output. Sustaining India's economy provides almost 70% of the rainfall needed to irrigate crops and recharge reservoirs and aquifers, with almost half of its agricultural land, without any irrigation, depending on rains from June to September to grow various crops. A period of good rain could lift agricultural growth and economic growth more broadly, helping to reduce food price inflation, which has remained above the central bank's comfort level in recent months and led it to resist cutting rates. interest rates. The monsoon, which normally arrives in southernmost Kerala state around June 1 and withdraws by mid-September, is expected to amount to 106% of the long-term average this year, said M. Ravichandran, secretary of the Ministry of ...
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