The first month of the monsoon season in India ended with a total rainfall 33% below the 50-year average, Citi said, citing data from the India Meteorological Department.
India's agriculture sector accounts for around 14% of the country's $2.7 trillion economy and 42% of total employment, said Rajiv Biswas, chief economist in Asia Pacific for consultancy IHS Markit.
Asia's third-largest economy ended June — the first month of the monsoon season — with total rainfall 33% below its 50-year average, according to Citi, which cited data from the India Meteorological Department. Rain has picked up in July and the total rainfall this month will affect India's agricultural output and overall economic momentum, analysts said.
The overall Indian economy remains very vulnerable to the monsoon, since poor rainfall can significantly reduce agricultural production.About one-third of India's manufacturing output — which makes up around 18% of the country's gross domestic product — is linked to turning agricultural products into food, Biswas noted. And with around 55% of India's arable land dependent on rain, the monsoon season could sway economic activity in the agriculture sector and industries linked to it.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump threatens trade conflict with India, but it's already happeningTrump's 2018 tariffs on foreign steel and aluminum affected $761 million of American steel imports from India and $382 million of aluminum imports.
Read more »
India’s Bond Market Could Benefit From Some SinWhile governments in emerging markets have spent decades developing domestic bond markets, the finance ministry of the world’s second-most populous nation is turning to foreign-currency debt. Strangely, that might not be a bad idea.
Read more »
India's latest Google probe sparked by junior antitrust researchersWho filed the Google Android antitrust case in India? Two junior antitrust research associates and a law school student were behind the complaint that sparked a full-blown probe against Google. More here: by AdityaKalra
Read more »
Katsu Curry RecipeCurry originated in India, but the curry popular in Japan took hold when English merchants brought curry powder to Kobe and other cities to cook with during their stays. It’s a bit thick, resembling a stew, and is traditionally seasoned with S&B curry powder and some fruit, for sweetness. A pork cutlet (katsu) is a perfect pairing, but you can substitute chicken instead.
Read more »
Everything You Need to Know About Running All 6 Abbott World Marathon MajorsThinking about checking all six marathons off your bucket list? Here's everything you need to know to cross those finish lines.
Read more »