The southwest monsoon has set in over Kerala on May 29, three days ahead of its normal onset date of June 1.
But why are the southwest monsoons and their timely onset so important for India?
The southwest monsoon irrigates over 50 per cent of India’s farmlands. India gets around 70 percent of its annual rainfall during the monsoon season and the yield of the Kharif or the summer crops is directly linked to the rain season. Farmers plant these crops after the arrival of monsoons. The summer crops account for 50% of India’s total food output.
A poor rainfall season would mean bad yield, which means higher prices, increased import of food, and farm loan waivers. To sum it up – food inflation.
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Not to mention, a poor monsoon season also means drought. The government then has to step in to support farmers, leading to an increased fiscal deficit.
Monsoons are the lifeline of India's agriculture-based economy and even the slightest disturbance can cause ripples that are felt by the economy of India.