IMD on Tuesday said monsoon rains are expected to be above average in 2016, easing concerns over farm and economic growth after two straight droughts
Consumer, auto, financing and agri-input segments will be biggest beneficiaries
Met Department's predictions will be out later this month, giving a clear picture of monsoon
6% would be the highest for the farm and allied sector in the Gross Domestic Product series launched with the base year of 2011-12
The progress of monsoon seems to have given some relief to market participants and the government. Monsoon in the first fortnight of June is 11 per cent above normal as compared to the rainfall touching just around the normal levels in the first week of June 2015. A SBI Ecowrap report points out that since 1950, if June rainfall is above normal, there is a 65 per cent probability of adequate monsoon for the entire season.
Annual monsoon rains have arrived at Kerala coast in southern India on Friday, five days later than expected, officials at the weather office said.
Arun Jaitley told media that foodgrain production will not to be impacted by poor monsoon and that adequate stocks are available