In Brief
MUMBAI (Reuters) – India’s monsoon has produced 9 percent less rain than usual, raising concerns over production of the country’s summer-sown crops as rainfall in many key grains producing states has been nearly a 25 percent lower than normal.
Summer crop production is being closely watched by markets as lower output could spoil Indian Prime Minister Narendra Modi’s efforts to raise the income of farmers, who make up more than half of its 1.3 billion people, in an election year.
The monsoon delivers 70 percent of India’s annual rainfall and is the lifeblood of India’s $2 trillion economy with the farm sector contributing 14 percent of its economic output.
Nearly half of Indian farmland lacks irrigation, making the monsoon critical for 263 million farmers who grow rice, sugarcane, corn, cotton and soybean.
