'Usually the average rainfall per day is around 8 mm and India is receiving 10 to 11 mm per day since the last one week.' 'July seems to be very good for the entire country.'
The CII has suggested a 5-point agenda on the measures that need to be undertaken by central and state governments to stave off the adverse effects of a deficient monsoon. Let's find out what this agenda is. . .
The weather department says there is again a lull, but rainfall activity may increase in the north-west India, including Delhi, around July 14, though only for a short period.
Heavy rains lashed Mumbai and its suburbs on Wednesday, causing flooding on roads and rail tracks and disrupting suburban train services as the south-west monsoon arrived in the city.
The most serious recommendations to change the financial year came in the years preceded by deficient rainfall. The Jha committee was formed after droughts in 1979-80 and 1982-83, reports Rishika Pardikar/IndiaSpend.
Mohapatra said there is a 40 per cent chance of a normal rainfall, 22 per cent above normal, 12 per cent excess and 18 per cent below normal.
A number of significant linkages between rainfall and economic outcomes have policy implications.
The forecast for better rains this seasons comes after India witnessed one of the worst droughts in recent times when the monsoon had failed last year.
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The wholesale price index based inflation in June declined to 7.25 per cent from 7.55 per cent in the previous month.
This is the first cyclone in the Bay of Bengal this pre-monsoon season.
The Southwest Monsoon usually covers the entire country on July 8. The earlier normal date for the monsoon to cover the entire country was July 15.
Reserve Bank of India (RBI) on Wednesday upped inflation projection for the current fiscal to 6.7 per cent from 5.7 per cent forecast in April. RBI Governor Shaktikanta Das said the upside risk to inflation persists and the recent spike in tomato prices would fuel food inflation. Also, high global crude oil prices would add to the upside pressure on inflation. The upward revision in inflation projection comes as domestic retail inflation has remained above RBI's comfort level of 6 per cent for four months in a row, mainly due to the Russia-Ukraine war which has impacted the prices of commodities across the globe.
As many as 57 villages were marooned and 60 mandals were affected. As many as 33,570 families were affected out of whom 9,257 families were evacuated and lodged in 31 relief camps.
A deep depression over the Bay of Bengal intensified into a cyclonic storm, named Remal, on Saturday evening and is likely to turn severe before making landfall between the coasts of West Bengal and Bangladesh on Sunday midnight, the India Meteorological Department (IMD) said.
The south-west monsoon that had held itself back all through three weeks of the Sri Lanka-South Africa cricket Test series finally lashed Colombo on Friday.
The south-west monsoon arrived over Kerala after a delay of four days and its progress since then has been unsatisfactory. Forecasts of rainfall for June and July are not good, CMIE said.
Prices of perishable items could spike in the near term.
An IMD bulletin said the low pressure area could intensify into a cyclonic storm, triggering heavy to very heavy rainfall in several parts of Kerala.
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.
Poor rainfall in rain-dependent central and southern India in the next three weeks could affect agricultural GDP growth in the coming season, a report by broking firm Motilal Oswal has said.
Trade between India and Bangladesh via land ports came to a standstill on Sunday as there was no movement of cargo trucks to and fro due to the ongoing student protests in the neighbouring country, officials said. The Bangladeshi side of the Petrapole landport remained non-functional, they said. Nearly one-third of land-based trade between India and Bangladesh takes place through Petrapole.
'You should follow common sense precautions, avoiding low-lying areas that appear to be flooded,' says the warden advisory by the American Citizens Service Unit put up on the Consulate General of United States website of India on Monday. The advisory warns them of open manholes and non-existent sidewalks.
The south-west monsoon has set in ahead of schedule with heavy rains lashing the city on Saturday, the city's weather office said, issuing warning to fishermen against venturing into the sea. Road, rail and air traffic were disrupted badly.
The way India dealt with the impact of the global economic crisis and failure of the South-West monsoon was praise worthy, said Prime Minister Manmohan Singh in Lok Sabha on Friday.
Like last year's Surat floods, this year's calamity has exposed the chinks in the governance of a state boasting 10 to 11 per cent economic growth. Gujarat's monsoon is a timely reminder that macro- and micro-development need to be synchronised
RBI has retained the GDP forecast at 8.5 per cent for 2007-08; inflation kept close to 5 per cent this year.
There is a definite attempt to put the landslides on the backburner because news of them and climate change worry Wayanad's tourism and real estate businesses greatly. Whatever I experienced of Wayanad's 2024 by-elections; the July landslides were not a burning issue, observes Shyam G Menon.
The IMD, in its onset date forecast on May 15, had said the monsoon is likely to hit the southern state on June 5, four days after its normal arrival.
The funds will be released to West Bengal, Odisha, Karnataka, Madhya Pradesh, Maharashtra and Sikkim as assistance for the damage caused by cyclone, floods and landslides during the year.
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.
Twelve of the 36 meteorological subdivisions recorded deficient rainfall, while the rest witnessed normal to excess rain. In total, 38 per cent of the 662 districts received below-normal rain.
Mumbai and certain adjoining areas experienced pre-monsoon showers, sources said on Sunday.
After a stellar run on the bourses that saw tractor stocks rise up to 52 per cent, analysts are turning cautious on the sector as muted demand trends may weigh in the near-term. Total volumes in the tractor segment for the last three quarters of the current financial year (9MFY24) have remained weak with VST Tillers, Escorts Kubota, and M&M seeing declines of 21 per cent, 5 per cent, and 3 per cent year-on-year (Y-o-Y), respectively, during the period, amid patchy rainfall, delayed crop harvest, and lower reservoir level. Across industry, total domestic sales volume so far in the current financial year (April '23 to January '24) has declined 5 per cent Y-o-Y, as per Tractor Manufacturers Association (TMA).
Also, the monsoon this year may end up being the driest since 2015, which recorded a rainfall deficit of 13 per cent, they said.
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