10 Oct 2017

Monsoon season closing

The monsoon season has drawn to a close, with aggregate rainfall less than 5% below the long period average, which is defined as a normal monsoon. The dispersion has been very uneven though, with a number of regions in shortfall, yet others reporting late season flooding. As a result, Kharif cropping is about 2-3% down on last year. The late flooding is leaving much improved moisture content in the soil, which will provide well for the Rabi crop. Reservoir levels are still improving though the late moisture retention will help a lot. Overall, expectations for aggregate rural demand through the festive season are good. In order to protect farmers against market risks on their cops, the government is introducing an ambitious crop insurance scheme. This will insure farmers against crop volume risk due to adverse weather conditions.    

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