More than 80 per cent of Indians live in districts vulnerable to climate risks. Among these, Assam, Andhra Pradesh, Maharashtra, Karnataka, and Bihar are the most vulnerable states to extreme climate events.
The threshold for a heat wave is met when the maximum temperature of a weather station reaches at least 40 degrees Celsius in the plains, 37 degrees in coastal areas, and 30 degrees in hilly regions, and the departure from normal is at least 4.5 notches.
The Reserve Bank of India on Thursday decided to keep policy rate unchanged for third time in a row as it maintains heightened vigil on inflation. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.
Consumer goods firms and auto companies are witnessing an upturn in rural demand, which had been lagging for most of FY24. Expectations of a bumper rabi crop harvest have helped turn the tide. The Reserve Bank of India's (RBI's) Monetary Policy Committee kept the repo rate unchanged last week, noting that as rural demand catches up, consumption is expected to support economic growth in 2024-25.
The southwest monsoon has started on a weak note and this has delayed the sowing of kharif crops. Though a cause for concern, the situation hasn't reached a stage where it warrants any panic response. Moreover, according to meteorologists and industry players, monsoon rains will witness a revival in the coming few weeks.
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Trend could continue on downward revision in winter harvests.
After being underweight on domestic agrochemical companies and preferring global plays, brokerages believe that the former may perform better in the quarters ahead. Domestic crop protection companies have faced multiple headwinds over the past year and a half, given high inventory costs, pricing pressures, lower realisations in the generic segment, increased stocks due to lower infestations, and demand-led hits to volumes. Some of the overhang from previous quarters was reflected in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24) as well, with aggregate revenues and operating profit for the sector down 12 per cent and 27 per cent, respectively.
The average global temperature for July 2015 was the highest for any month since record keeping began in 1880, the National Oceanic and Atmospheric Administration said.
According to Skymet Weather, the initial surge in the Monsoon rains can be attributed to the transition of El Nino into the neutral phase.
Dairy, sugar prices fall sharply, despite El Nio fears
The official India Meteorological Department (IMD) and the private Skymet Weather Services have made widely divergent monsoon forecasts.
The India meteorological department has stated that day temperatures are likely to be above normal by 0.5 degree Celsius, reports Sanjeeb Mukherjee.
Growth in cities has lagged villages as consumers troubled by persistently high inflation have cut spending in the past two years.
"The main risk stems from the uncertainty surrounding the outcome of the south west monsoon in view of the rising probability of an El Nio event around July-August, and its implications for food inflation," RBI said, as it kept the status quo on key interest rate for the third time in a row.
Skymet is credited with correctly predicting the 2009 drought.
This could have huge implications for agriculture, food prices, supply and overall economic growth of the country
The IMD on its part is sticking to its forecast of July rainfall.
A normal monsoon will augur well for the country's agriculture sector and boost crop yields. However, good rains - and surplus crops - could also depress prices, hurting farm income, unless adequate steps are taken.
For many farmers, though, a bumper harvest isn't good news, as they have been forced to sell their produce, particularly pulses, dirt cheap.
India remains one of the most over-owned market in Asia.
A third of FMCG sales and half of motorcycle sales come from the hinterlands
'Urbanisation results in heavy rainfall events.'
The India Meteorological Department's first monsoon forecast for this year would have gladdened many a heart with the hope of plentiful rain, after two drought years.
Shortage of seeds, threat of El Nino expected to restrict sowing.
They are worried at more than one forecast of a possibly weak monsoon, reports Dilip Kumar Jha.
Officials said good rain in August - though it might not improve acreages much for most crops except urad, moong, and paddy - would help in improving yields in the crops already planted.
Goldman Sachs forecasts real GDP growth to accelerate to 7.9 per cent in FY17 from a projected 7.5 per cent in FY16.
Skymet is the first major Indian weather forecasting agency to have issued a monsoon forecast for 2016.
The monetary authority said it was worried on three fronts with regard to inflation as well as the economy.
Scores of people die every year due to cold waves that sweep across the north Indian plains.
Metal stocks fell on Tuesday, with the S&P BSE metal index sliding 2.8 per cent compared to the 0.64 per cent fall in the benchmark S&P BSE Sensex
The World Meteorological Organisation assessment which was released on Monday in Marrakech, Morocco said that 2016's global temperatures are approximately 1.2 C above pre-industrial levels.
Financials ended mixed despite the status-quo on key rates by the RBI. SBI, ICICI Bank and Axis Bank ended up 0.4-2.5% each.
Drought fears will subside if the momentum generated is maintained in August.
Monsoon is expected to cover central and eastern India after Tuesday.
'The first two months of monsoon are not looking good.' 'In case both the halves fail, it is going to be misery.'
The IMD has said temperatures in most parts of the country from March to May would be 'above normal'.
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We need to invest in the science of monsoons and weather forecasting.
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