India Monsoon Update: Good news has come out in terms of the Indian economy and common people getting relief from the backbreaking inflation. The Meteorological Department has said in its estimates on Friday that in 2023 the country is expected to get normal rainfall in this monsoon season. Monsoon season is starting for the next four months from the month of June which will continue till September, for which the Monsoon Department has released its estimates.
normal rain forecast
The Meteorological Department has said in its forecast that 96 to 104 percent of normal rainfall is expected in the next four months from June to September. The IMD said that in areas where agriculture is rain-dependent, normal rainfall can range from 94 to 106 percent. If there is normal rainfall as predicted by the Meteorological Department, then its positive effect can be seen on the agriculture sector.
Rural economy will get benefit
If the monsoon is good, record production of Kharif crop can be expected. And if this happens then the rural economy can gain momentum. From FMCG to automobile companies can benefit from this, which are troubled by the sluggishness prevailing in the rural economy for the past several months.
The danger of El Nino can be averted
Recently, RBI Governor Shaktikanta Das had expressed concern about El Nino. He had said that there is a need to be cautious about inflation. But with the latest forecast of the Meteorological Department, even the RBI governor would be heaving a sigh of relief. Because this will avert the danger of rising inflation. So RBI can back down from its decision to increase interest rates.
Can get relief from expensive debt
The RBI governor had clearly said that the reduction in interest rates would depend on the condition of the economy and the data. On June 8, the Monetary Policy Committee of RBI will announce its decision regarding interest rates. The retail inflation rate has been 4.70 percent in April and is expected to come down further in May. According to the Ministry of Agriculture Welfare, there has been a record production of food grains in 2022-23. And if the monsoon is normal, the hope of getting relief from the expensive debt will increase.
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