India Meteorological Department, IMD will issue the first forecast for the 2017 southwest monsoon in New Delhi today. It accounts for about 70 percent of the country’s annual precipitation.
This is an annual event that sets the tone not only for agricultural production but also the manner in which the economy, stock markets, inflation and interest rates would move in the year. Monsoon rains, the lifeblood for India’s farm-dependent 2 trillion dollar economy. The June-to-September rains are vital for farming.
According to a private weather forecasters, El Nino is likely to play a role again, leading to rainfall slightly below the average this year.
