"This warming trend is alarming," said NASA Administrator Bill Nelson.
Cyclone 'Biparjoy', the first storm brewing in the Arabian Sea this year, has rapidly intensified into a severe cyclonic storm, with meteorologists predicting a 'mild' monsoon onset over Kerala and 'weak' progress beyond southern peninsular under its influence.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
The record temperatures in May were accompanied by other extreme events, including very heavy precipitation in parts of Europe and the southern US, and widespread and severe coral reef bleaching.
'The Fed rate will peak in the range of 5.1-5.3 per cent during the second quarter of CY23 and will most likely stay there for a while before rate cuts start in CY24.'
The first five months of 2023 have witnessed at least six major events/trends that augur badly for global economic and socio-political prospects, points out Shankar Acharya, former chief economic adviser to the Government of India.
Here's a map showing the monsoon situation across the country.
Here's a map showing the monsoon situation across the country.
'All El Ninos are not associated with the deficient monsoon.'
Markets ended lower with private banking majors and index heavyweights ITC and RIL leading the decline.
Should Modi win the elections, his government will face its first credibility test with markets when he delivers a budget.
All parts except Northeast may get below-normal rain; govt reiterates assurance on preparations.
A delay in rains for monsoon-dependent India could pose challenges for the country's next government, possibly pushing up inflation and denting economic growth.
India will be able to manage potential inflationary pressures if forecasts of sub-par monsoon
Dr Shreekant Sambrani pays tribute to M S Swaminathan, renowned agricultural scientist and a lifelong crusader against hunger who passed away in Chennai recently.
The monsoon has finally brought back smiles to the faces of people, especially farmers, of India.
Gold purchases have risen after the Reserve Bank of India (RBI) and the government lifted the restrictions imposed on imports in 2013.
The news will augur well for the country as large parts have been witnessing agriculture distress and water levels in reservoirs in west and south India have dipped to low levels.
In another forecast for August, IMD Director General Mrutunjay Mohapatra said monsoon is also likely to be normal in the month.
With El Nino emerging, forecasts rainfall at 95% of long-period average.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
'It affects our economy, it is very important in many ways.' 'So we have to be the foremost experts in the world on the monsoon.' 'But the best minds in India have not devoted their time to the study of monsoon and they have followed the fashions of the West.'
India staring at first drought in six years.
'There is no mechanism to understand how things would evolve'.
As the kharif sowing season exceeds two months, no crop has managed to reach the normal area of cultivation (average of the past five years), except for sugarcane, cotton and jute.
India is likely to clock a GDP growth of 5.5 per cent during the current financial year provided there is normal monsoon and stable government at the centre, says a D&B report.
A below-normal monsoon can bring down India's GDP growth by 0.50-0.75 per cent this financial year, forcing the Reserve Bank to delay rate cuts to 2015, Bank of America-Merrill Lynch (BofA-ML) said.
'We are not saying we are going to face a drought... We are a doing and performing government. A contingency plan is being prepared,' Science Minister Dr Harsh Vardhan tells Rediff.com
'Such big falls are quite frequent these days, so do not try to time this market.' 'Use big dips to accumulate quality stocks.'
G P Sharma, President (Meteorology) of the Skymet Weather said the Long Period Average of the rainfall during June to September will be 103 per cent with an error margin of plus or minus 5 per cent.
According to Skymet Weather, the initial surge in the Monsoon rains can be attributed to the transition of El Nino into the neutral phase.
The graphic above shows the number of heat wave deaths in India each year since 1967.
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The agency has kept its FY15 growth forecast unchanged at 5.6 per cent.
Prices of perishable items could spike in the near term.
Most climate models indicate that surface air temperature will increase with rise in green house gases over the Indian region, which would be accompanied by an increase in monsoon activity.
Scores of people die every year due to cold waves that sweep across the north Indian plains.
'Already, the temperature has touched 39 degrees in some parts of Gujarat and now we are in the last week of February.' 'We need to activate the heat action plan from March 1.'
"Conditions are favourable for the onset of southwest monsoon over Kerala and its further advance into some more parts of south Arabian sea, remaining parts of Maldives - Comorin area, some parts of Tamil Nadu and some more parts of Bay of Bengal during the next 24 hours," said a statement by the Indian Meteorological Department.
The RBI chief was speaking to researchers at an analyst call.
The arrival of the June-September rains has been delayed.
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