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Indian Economy and Monsoons



  Apr 18, 2024

Indian Economy and Monsoons


The southwest monsoon season concluded with rainfall categorized as 'below normal', marking the first occurrence in four years. India experienced a rainfall deficit of six percent during the monsoon of 2023 compared to the long-term average spanning 50 years. However, this statistic fails to fully depict the irregular progression and distribution of rainfall across India. Notably, six states—Assam, Manipur, Mizoram, Jharkhand, Bihar, and Kerala—reported significant deficits.

The impact of the erratic monsoon extends beyond agriculture to the broader economy. A successful monsoon season bolsters farm production and the incomes of farmers and laborers, subsequently stimulating rural household incomes and demand for goods and services.

AGRICULTURE: Crop losses have been reported in several states due to the uneven monsoon, with declines observed in pulses, oilseeds, and cotton sowing compared to previous years. Floods and heavy rainfall further exacerbated the situation, affecting approximately 8.68 lakh hectares of crop area.

RURAL DEMAND: Declining farm incomes have dampened rural consumption demand, impacting sectors such as fast-moving consumer goods, two-wheelers, and agricultural tractors. Tractor sales, usually robust in September, have declined, reflecting subdued agricultural activity.

RESERVOIRS: The inadequate monsoon has left major reservoirs with diminished water storage, particularly in the southern region, which could affect irrigation for Rabi crops.

<p style="font-size: 16px; border: 0px solid rgb(227, 227, 227); box-sizing: border-box; margin: 1.25em 0px 0px; color: rgb(13, 13, 13); font-family: Söhne, ui-sans-serif, system-ui, -apple-system, " segoe="" ui",="" roboto,="" ubuntu,="" cantarell,="" "noto="" sans",="" sans-serif,="" "helvetica="" neue",="" arial,="" "apple="" color="" emoji",="" "segoe="" ui="" symbol",="" emoji";="" white-space-collapse:="" preserve;"="">In conclusion, the below-normal monsoon in 2023 has significantly impacted various sectors of India's economy, underscoring the need for adaptive measures to mitigate its adverse effects on agriculture, food security, rural livelihoods, and overall economic stability.

SRIRAM's


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