The meteorological department will certainly be blessed this year, as a lot of goodwill has probably gone their way after the prediction of an above normal monsoon. Markets
were boosted by this news, and by a few other positive developments. An above normal monsoon will mean that the drought in Maharashtra might soon be over. Farmers across
India will also breathe a sigh of relief as the agricultural sector will look at this development as a godsend. India lives by its monsoons. Last year, there was over 10 percent deficits in agricultural produce in many parts of the country.
The Centre has to allocate over Rs 10,000 crore to combat that. As a nation that relies so heavily on agricultural produce, an above normal monsoon is a good thing. Agriculture makes up for 15 percent of the country’s GDP.
Now with the department stating that this year’s monsoon will mean an almost three percent growth for the industry, there will surely be smiles abound. A good monsoon coupled with a positive showing in the commodity market might just help with inflation numbers.
