According to the home ministry's National Emergency Response Centre, 138 people have died in Maharashtra, 125 in Kerala, 116 in West Bengal, 52 in Gujarat and 34 in Assam due to the floods and rains.
According to media reports, 56 people -- mostly farm labourers working in the fields -- died in Bihar while 44 people were killed across Uttar Pradesh, Jharkand and Madhya Pradesh.
Floods triggered by the torrential rain since June 14 have wreaked havoc, inundating a vast swathe of flat land in the south and southwest of the country.
The rains have so far been four per cent below normal.
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The impact of weak monsoon so far this year on India's farm production and economy is likely to be limited, the central bank said, as rainfall levels have improved considerably over the past one month.
As the kharif season is setting in, India is scrambling to source fertilisers from the international market. It is set to sign long-term contracts - especially with Morocco and Latin American countries - to ensure steady flow of supplies. "We have to source fertilisers wherever it is available because crops have to be secured.
Major two-wheeler manufacturers in India witnessed a double-digit increase in domestic sales in October, driven by the festival fervour.
Passenger vehicle retail sales in India witnessed a 7 per cent on-year decline in June as severe heatwave conditions resulted in 15 per cent less showroom walk-ins, industry body FADA said on Friday. Overall passenger vehicle registrations stood at 2,81,566 units last month, as compared to 3,02,000 units in June 2023. "Despite improved product availability and substantial discounts aimed at stimulating demand, market sentiment remains subdued due to extreme heat resulting in 15 per cent less walk-ins and delayed monsoons," the Federation of Automobile Dealers Associations (FADA) president Manish Raj Singhania said in a statement.
According to latest data, crops have been sown in around 72.13 million hectares, which is 8.90 per cent less than the same period last year.
Normally, monsoon reaches Delhi by June 27. It covers the entire country by July 8. Last year, the wind system had reached Delhi on June 25 and covered the entire country by June 29.
Himachal Pradesh has not witnessed such 'widespread heavy rains' in the past 50 years and the state has suffered a loss of about Rs 3,000 crore in this monsoon season so far, Chief Minister Sukhvinder Singh Sukhu said on Monday.
The IMD has predicted moderate showers in Mumbai on Tuesday and high intensity rains in neighbouring Raigad.
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Days before Diwali, the monthly economic review by the finance ministry has highlighted moderation in urban demand, softening consumer sentiments and limited footfall as areas that need to be watched. In its review, released on Monday, the ministry also noted the early signs of artificial intelligence displacing workers, as described in anecdotal reports. The commentary from several large consumer goods companies, including Nestl India, Hindustan Unilever, and ITC, in their recent quarterly earnings, has been around a sluggish urban demand. Rural consumption, however, has mostly seen a revival, the companies pointed out.
Incessant showers lashed Mumbai and its neighbouring areas on Wednesday morning, leading to flooding in many low-lying areas and traffic snarls on roads, officials said.
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In another forecast for August, IMD Director General Mrutunjay Mohapatra said monsoon is also likely to be normal in the month.
Car sales are experiencing a challenging phase with around Rs 60,000 crore worth of inventory lying unsold with dealers.
The Centre on Monday started selling tomatoes at a subsidised rate of Rs 65 per kg in the national capital to provide relief to the common man and check abnormal profits by intermediaries. Tomatoes are being sold at an average rate of Rs 90 per kg in the national capital.
East India, along with a major portion of central India, is likely to be at a higher risk of being rain deficient, especially during the first half of the season.
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Very heavy rainfall is likely to occur at one or two places in Kerala on Wednesday.
Since the onset of the monsoon on June 24, 217 persons have died in rain-related incidents in Himachal Pradesh.
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Higher inflation has again become a matter of concern for fast-moving consumer goods (FMCG) companies. After prices of commodities like sugar and wheat moved higher and stabilised at those levels, the crude oil too surged, adding to FMCG firms' worries. Besides, a dry spell in August in the ongoing monsoon season impacted rural demand.
Indian economy grew 7.9 per cent in the March quarter.
Retail inflation fell to a 15-month low of 5.66 per cent in March, mainly due to a decline in food prices, government data showed on Wednesday. The inflation figure in March is within the RBI's comfort zone as it is below 6 per cent. The retail inflation based on Consumer Price Index (CPI) was 6.44 per cent in February 2023 and 6.95 per cent in the year-ago period.
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Less-than-expected rainfall and a poor spatial distribution, experts say, can rekindle fears of a rise in food and fuel inflation that can have an impact on the RBI's monetary policy. The fear of less than optimal rainfall due to El Nino this year, analysts believe, is the biggest short-term risk for the markets, which they said has not been fully priced in yet by them. Monsoon set over Kerala on June 08, a week later than its scheduled date.
The Reserve Bank of India on Friday retained its projection for retail inflation at 4.5 per cent for the current fiscal assuming a normal monsoon, while emphasising that uncertainties related to food price outlook warrant a close monitoring. Consumer Price Index (CPI)-based retail inflation has been projected at 4.5 per cent with quarter-wise projections at 4.9 per cent in Q1 (April-June), 3.8 per cent in Q2, 4.6 per cent in Q3, and 4.5 per cent in Q4.
Himachal Pradesh experienced its second snowfall of the season, leading to the closure of 15 roads, including two national highways. A tourist from New Delhi died in an accident on an icy road in the Lahaul Spiti district, while three others sustained injuries.
Domestic passenger vehicle dispatches witnessed a 13 per cent year-on-year rise in April as demand remained robust across segments, industry body Siam said on Friday. The total passenger vehicle dispatches from companies to dealers rose to 331,278 units last month compared to 293,303 units in April 2022. Market leader Maruti Suzuki India dispatched 137,320 units to dealers last month against 121,995 units in April last year.
A water crisis looms large over the capital city of Himachal Pradesh with heavy rains in the past few days damaging supply schemes and causing silt in water resources.
