"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.
This may rescue pulses, cotton and oilseed sowing; rain revival in the south to take longer
'It is the most prone month for the development of cyclones in the pre-monsoon period.'
'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
Reserve Bank-sponsored professional forecasters on Monday scaled down India's growth projection to 4.8 per cent for the current fiscal from 5.7 per cent estimated earlier.
Waterlogging was reported in Andheri, Kurla, Ghatkopar, Chembur and some other places.
In the coming months, globally as well as in India, rice might remain a hot potato.
Rediff.com brings you monsoon images from across the country
Crops including fruit, vegetables account for 60% of GDP in agriculture, forestry, fishing sector.
Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward.
The decisive election victory for the Narendra Modi-led National Democratic Alliance has created a conducive environment for policy actions and should help in economic recovery, Reserve Bank of India Governor Raghuram Rajan said on Tuesday.
In another forecast for August, IMD Director General Mrutunjay Mohapatra said monsoon is also likely to be normal in the month.
Cooler weather meant that demand for milk products and value-added items like buttermilk and ice-cream did not show the usual rise.
The Reserve Bank's rate-setting panel, Monetary Policy Committee (MPC), began its three-day deliberations on Wednesday amid expectations of a status quo on benchmark rate mainly on account of uncertainty over the impact of the second wave of COVID-19 pandemic. Moreover, the fears of firming inflation may also refrain the MPC from tinkering with the interest rate in its bi-monthly monetary policy outcome to be announced on Friday. The RBI had kept key interest rates unchanged at the last MPC meeting held in April.
They are actively engaging with the party leadership for the past some time but the party is yet to take a call, the sources said, adding the MPs include one from the north of the country and one from south.
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.
The rainfall in July was minus seven per cent which comes to around 93 per cent of the Long Period Average, IMD Director General Mrutyunjay Mohapatra said.
India now faced a higher likelihood of a drought in some parts, as monsoon rain would be less than predicted in April, private weather forecaster Skymet said on Friday.
The IMD had said the Southwest Monsoon would hit parts of north India including Delhi on July 10, but it had not occurred till Sunday evening.
Sales of refrigerators were higher this year versus last year.
By comparing I.N.D.IA. with banned terror outfits, Modi has exhibited the kind of nervousness never ever associated with him even at the height of the Gujarat riots, and certainly since his prime ministerial days, observes N Sathiya Moorthy.
Of all the pulses, tur appears to be the most desired.
Rajan also said the outlook for agriculture is subdued, in view of both rabi and kharif prospects being hit by monsoon vagaries.
After the west coast, another cyclone is likely to hit the east coast by May 26-27, the India meteorological department said on Wednesday.
A large number of people, including senior citizens, women and children were airlifted from isolated buildings
Mumbai bids adieu to its iconic red double-decker buses.
India must be prepared to deal with climate disasters, geopolitical confrontations, and social strife linked to global events, asserts Jayant Sinha, chairman of Parliament's Standing Committee on Finance.
The state government will wait and watch till August 15 before declaring the affected areas, state Agriculture Minister Naren De said in Kolkata.
At least 155 people have lost their lives and over 80 lakh people affected in fresh floods due to excessive rains in worst-affected Gujarat, Rajasthan, West Bengal and Odisha.
India received 41 per cent more rainfall than normal from October 1-21 with Uttarakhand alone recording more than five times its normal precipitation, IMD data showed on Thursday.
The monetary authority said it was worried on three fronts with regard to inflation as well as the economy.
'Half of China, India, Pakistan, Bangladesh Nepal, Bhutan, Myanmar, which are among the most populous countries in the world, are dependent on the rivers and glaciers of the Himalayas for sustenance.'
A tormenting heatwave swept through North India on Sunday with the mercury crossing 49 degrees Celsius in pockets of Delhi, while the weather office forecast some relief Monday onwards.
The current spell of weak monsoon over the country is likely to continue for the next five days, the India Meteorological Department (IMD) said on Wednesday.
In Delhi, Safdarjung, the base station for the national capital, recorded 44.2 degrees Celsius, while Mungeshpur observatory in northwest Delhi, reported 47.3 degrees Celsius.
Between 8.30 am and 11 am, the IMD's Colaba observatory (representative of south Mumbai) recorded 79.4 mm rainfall, while the Santacruz observatory (representative of suburbs) recorded 44.5 mm rain, she said.
The broader market outperformed with the S&P BSE Midcap down 0.3%, while the S&P BSE Smallcap was little changed.
Incessant showers lashed Mumbai and its neighbouring areas on Wednesday morning, leading to flooding in many low-lying areas and traffic snarls on roads.
India's factory output climbed 22.4 per cent in March, benefiting from the base effect of the lockdown-marred month a year back as well as a turnaround in the manufacturing sector, while retail inflation slipped to a three-month low of 4.29 per cent in April. The high positive annual growth in the index of industrial production (IIP) in March 2021 came on back of a contraction of (-)0.9 per cent and (-)3.4 per cent in January and February 2021 respectively, according to the data released by the National Statistical Office (NSO) on Wednesday. This turnaround was led by recovery in the mining, manufacturing and electricity sectors.
Some low-lying places like Hindmata, and areas in Dadar and Sion, including the Gandhi Market and road number 24 in Sion, were inundated, forcing pedestrians to wade through the water and making it difficult for motorists to commute.
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