IT'S RAINING GOOD NEWS FOR ECONOMY, MARKETS
CONCERNS OVER THE performance of southwest monsoon this year eased on Friday, with rainfall deficiency falling to 10% from 47% a fortnight ago, and the weather department predicting that July rains could be around 100% of the benchmark long-period average (LPA).
Around 40% of the monsoon precipitation typically occurs in July, the crucial period for sowing of kharif crops.
Data released separately by the agriculture ministry said kharif sowing, for the first time in the current season, bridged an annual deficiency on Friday, even though area under paddy, the most important crop, was still more than a quarter less than the year-ago level.
July rainfall is likely to be in the upper side of the "normal" range (94-106%) of the benchmark long-period average (LPA), the Indian Meteorological Department (IMD) said.
This story is from the July 01, 2023 edition of Financial Express Mumbai.
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This story is from the July 01, 2023 edition of Financial Express Mumbai.
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