HomeBusinessIndia sees healthy 8 pc increase in overall rainfall, positive for inflation...

India sees healthy 8 pc increase in overall rainfall, positive for inflation outlook

New Delhi, Sep 16 (IANS) India saw a healthy 8 per cent increase in overall rainfall above the long-term average (till September 13) as average retail prices of vegetables and milk cooled down, a report showed on Monday.

Cumulative weekly rainfall was 14 per cent above the long-term average (as of September 11).

With overall sowing nearly completed, the focus will now shift towards the harvesting season, as per the ‘Indian Rainfall Tracker’ by Emkay Global Financial Services.

The total area under sowing (109.2 million hectares) is higher (2 per cent YoY) than last year (as of September 6).

This is mainly due to healthy sowing for most major food crops — rice (41.0 million hectares), pulses (12.6 million hectares), coarse cereals (18.9 million hectares), and oilseeds (19.2 million hectares), said the report.

Overall area under sowing is at 99 per cent of normal area sown, compared with 98 per cent at the same point in 2023.

According to the report, prices have softened in recent weeks due to higher supply, but are expected to remain stable at current levels until the harvest brings more supply to the markets.

The overall basin-wise reservoir levels are in a healthy position and are above the long-term average and last year’s levels.

According to Aditi Gupta, Economist at Bank of Baroda (BoB), most regions of the country have received normal to above normal rainfall which has also translated into an improvement in reservoir storage.

Kharif sowing has shown a steady improvement with acreage 2.2 per cent higher than last year. Pulses and paddy have shown the maximum improvement.

Overall, cumulative rainfall this year remains much higher so far at 817.9 mm, compared with 684.6 mm last year.

“The trajectory of the monsoon has evolved broadly in line with IMD’s projections. This should be positive for the inflation outlook,” said Gupta in the latest BoB update.

–IANS

na/uk

Go to Source

Disclaimer

The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

For any legal details or query please visit original source link given with news or click on Go to Source.

Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.

If you are not willing to accept this disclaimer then we recommend reading news post in its original language.

RELATED ARTICLES
- Advertisment -

Most Popular