India Sees Abundant Monsoon Rain in Boost to Economic Growth
India Sees Abundant Monsoon Rain in Boost to Economic Growth Yahoo Finance
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India Forecasts Above-Normal Monsoon, Boosting Economic Growth
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Introduction
India has forecasted an above-normal monsoon this year, raising optimism for crop output, economic growth, and the achievement of Sustainable Development Goals (SDGs). The government may also ease curbs on exports of wheat, rice, and sugar.
Precipitation Forecast
Precipitation during the June-September period is expected to be 106% of the long-term average of 87 centimeters, according to Mrutyunjay Mohapatra, director general of the India Meteorological Department. The prediction has a margin of error of 5%.
Importance for Agriculture and Food Inflation
The monsoon is crucial for India as it irrigates about half of the country’s farmland. Ample rainfall will benefit millions of farmers, support efforts to cool food inflation, and contribute to the achievement of SDG 2: Zero Hunger.
Government Measures
The administration of Prime Minister Narendra Modi has taken steps to contain food prices, including restrictions on exports, selling grains from state reserves, and cracking down on hoarding.
Economic Impact
Anubhuti Sahay, head of economic research at Standard Chartered Plc, states that a good monsoon will lead to easing food costs, consumer price inflation, and boost rural demand. This will address concerns about tepid private consumption growth and contribute to the achievement of SDG 1: No Poverty and SDG 8: Decent Work and Economic Growth.
Resuming Exports and Softening Global Prices
A strong monsoon and subsequent farm output may pave the way for resuming exports of key commodities, helping to soften global prices. This will contribute to the achievement of SDG 12: Responsible Consumption and Production.
Energy Planning
Favorable weather conditions will also benefit energy planners. With good rains, the use of irrigation pumps by farmers will decrease, leading to a potential softening of electricity demand. Additionally, the government is counting on good rains to boost hydropower output and reduce reliance on coal consumption. This aligns with SDG 7: Affordable and Clean Energy.
El Niño and La Niña
The El Niño pattern, which tends to lower precipitation, is expected to weaken during the early part of the season. However, La Niña, which brings more rain to parts of Asia, is expected to develop during August and September.
Conclusion
The forecast of an above-normal monsoon in India is positive news for agriculture, economic growth, and the achievement of the Sustainable Development Goals. It will benefit farmers, ease food costs, boost rural demand, and contribute to global price stability. Additionally, it will have a positive impact on energy planning and reduce reliance on coal consumption. Overall, the forecast aligns with India’s efforts to achieve sustainable development and improve the well-being of its population.
–With assistance from Ruchi Bhatia and Carolynn Look.
(Updates to add El Niño and La Niña details in 10th paragraph)
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 2: Zero Hunger | 2.1 By 2030, end hunger and ensure access by all people, in particular the poor and people in vulnerable situations, including infants, to safe, nutritious and sufficient food all year round | Not mentioned or implied in the article |
| SDG 8: Decent Work and Economic Growth | 8.1 Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries | Not mentioned or implied in the article |
| SDG 12: Responsible Consumption and Production | 12.3 By 2030, halve per capita global food waste at the retail and consumer levels and reduce food losses along production and supply chains, including post-harvest losses | Not mentioned or implied in the article |
| SDG 13: Climate Action | 13.1 Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries | Not mentioned or implied in the article |
| SDG 15: Life on Land | 15.1 By 2020, ensure the conservation, restoration and sustainable use of terrestrial and inland freshwater ecosystems and their services, in particular forests, wetlands, mountains and drylands, in line with obligations under international agreements | Not mentioned or implied in the article |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: finance.yahoo.com
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