Whereas a normal monsoon results in a good harvest, which in turn lifts rural incomes and boosts spending on consumer goods. It also has a positive impact on hydro power projects.
How monsoons can bring prosperity in our economy?
In India, monsoon is the key to determine agricultural output, consumer spending, inflation and overall economic growth. If we are blessed with timely normal monsoons, it can definitely bring prosperity in our economy. Stay updated with all the insights. Navigate news, 1 email day.
What is the importance of monsoons in India?
The monsoon is the lifeblood for India’s farm-dependent $2 trillion economy, as at least half the farmlands are rain-fed. The country gets about 70% of annual rainfall in the June-September monsoon season, making it crucial for an estimated 263 million farmers.
What are the effects of a deficit monsoons?
A deficit monsoon could also lead to a drought-like situation, thereby affecting the rural household incomes, consumption and economic growth.
Why is Indian agriculture considered a gamble against monsoons?
The Indian agriculture is considered a gamble against monsoon because agricultural activities over almost all parts of India are very much dependent upon the monsoon rainfall. In fact, monsoon is the axis around which the India economy revolves. Hence, monsoon plays very important role in shaping Indian Economy.
What are the economic benefits of the monsoons?
The monsoon delivers about 70% of India's annual rainfall and determines the yield of rice, wheat, sugarcane and oilseeds, such as soybeans. Farming makes up about 15% of India's $2.5 trillion economy but employs more than half of its 1.3 billion people.
What are 2 positive benefits that come from the monsoons?
However, seasonal monsoon rains can also provide freshwater for drinking and crop irrigation. In India and Southeast Asia, people rely on rain from monsoons to fertilize crops, fill aquifers and wells, and power hydroelectric facilities. Droughts on their own are not healthy for humans and animals.
How do the summer monsoons help the economy?
The summer monsoon fills wells and aquifers for the rest of the year. Rice and tea are some crops that rely on the summer monsoon. Dairy farms, which help make India the largest milk producer in the world, also depend on the monsoon rains to keep cows healthy and well-fed.
What is the main economic activity of the people of monsoon region?
People in monsoon region are mainly engaged in agriculture because the rainfall during the Monsoon season provide much needed moisture to the soil and help in the growth of crops.
What are some benefits and drawbacks of monsoons?
The monsoons bring much-needed moisture into the desert region of the Southwest. During May and June, the area typically suffers from drought conditions. The seasonal rains make it possible for agriculture, forests and inhabitants of the region to store water for the next dry cycle of the climate.
How does rain affect the economic activities of humans?
There is a generally positive relationship between rainfall and economic growth meaning that higher rainfall mostly stimulates economic growth, whereas reduction in the amount of rainfall has an adverse impact on economic growth.
What is monsoon economy?
In Monsoon Economies, Tirthankar Roy explores the interaction between the environment and the economy in the emergence of modern India. Roy argues that the tropical monsoon climate makes economic and population growth contingent on water security.
How monsoon are related to the economic life in India?
Monsoon is that axis around which revolves the entire agricultural cycle of India. It is because about 50 per cent people of India depend directly on agriculture for their livelihood and agriculture itself is based on southwest monsoon.
Why are monsoon rains important for India?
The monsoon is the lifeblood for India’s farm-dependent $2 trillion economy, as at least half the farmlands are rain-fed. The country gets about 70% of annual rainfall in the June-September monsoon season, making it crucial for an estimated 263 million farmers.
What were recent trends?
India witnessed a normal monsoon in 2016 but only after two back-to-back poor monsoons in 2014 and 2015 that affected the overall growth in the country.
What happens in case of a poor monsoon?
The monsoon has a direct impact on the country’s agricultural GDP. The planting of key kharif, or summer, crops like rice, sugar cane, pulses and oilseeds begins with the arrival of monsoon rains in June.
What is the current forecast for rain distribution?
The monsoon rains arrive on the southern tip of Kerala by around June 1 and gradually covers a major part of the country by mid-July before retreating by the end of September. The IMD has predicted seasonal rainfall this year to be 96% of LPA over north-west India, and 100% of LPA over central India.
Why is monsoon important in India?
In India, monsoon is the key to determine agricultural output, consumer spending, inflation and overall economic growth. If we are blessed with timely normal monsoons, it can definitely bring prosperity in our economy.
What happens if a monsoon fails?
On the other hand, a week or failed monsoon can result in declined agricultural output, poor economic conditions, poverty and substantially hinder overall economic growth. Agriculture sector accounts for around 17-20% of the GDP. 75% of Indians are directly or indirectly dependent on agriculture. If a good harvest brings prosperity in ...
What is the relationship between a seasonal natural phenomenon and the growth of trillion dollar Indian economy?
Now, the most important part, the relationship between a seasonal natural phenomenon and the growth of trillion dollar Indian economy- Good monsoons correlate with a booming economy, thus, giving signs of improved economic conditions and growth prospects. On the other hand, a week or failed monsoon can result in declined agricultural output, ...
What happens to the economy when a good harvest brings prosperity?
If a good harvest brings prosperity in the economy, people’s standard of living and per capita income will be increased. Similarly, increased output reduces the nation’s dependency on import of food grains, thus enabling domestic producers to gain out of this situation.
Is the apex bank chasing the monsoon?
Interestingly, the master brains at the apex bank and the key policy makers of the country are also chasing the monsoon like the millions of farmers in the country. Monsoon outlook and its impact on inflation would be a key factor in the central bank’s monetary policy actions.
Is monsoon the backbone of Indian agriculture?
If so, it is then to be added that ‘monsoon is the backbone of Indian agriculture’. Indian agriculture is heavily dependent on monsoons. The production of crops like rice, cotton, oilseeds and coarse grains varies according to the arrival and availability of rainfall.
Is Indian agriculture rain dependent?
Despite significant advances in technology, Indian agriculture continues to be rain dependent and fluctuations in agricultural production continue to be driven by variations in the intensity of rain. In 2009, the availability of monsoon was not up to the mark and we had to depend on import of several food grains such as sugar.
Why is Mumbai still affected by monsoons?
But it’s also still subject to serious disruption during monsoon season, partly because of inadequate infrastructure.
Why is India in a bad monsoon?
Reuters explains that bad monsoons cause India to import more food, resulting in inflation. Bad monsoons also lower the incomes of rural workers — who make up two thirds of India’s population — which in turn lowers demand for consumer goods and hampers growth.
What percentage of India's GDP is agriculture?
The study notes, moreover, that agriculture accounts for “more than 15 percent of India’s Gross Domestic Product (GDP), which means that when crops fail because of too little rain, the economy suffers.”. Reuters explains that bad monsoons cause India to import more food, resulting in inflation.
When is monsoon season in India?
Monsoon season runs from June to September, and during that time India gets 70 to 80 percent of its annual rainwater. Reuters explains that annual monsoon rainfall of below 90 percent of average constitutes a drought, while rains that exceed 110 percent constitute an “ excessive monsoon .”.
Does the joy of monsoons last long?
But, Vij writes, “the joy doesn’t last long.”. Along with floods, monsoons can bring diseases, landslides and much more, both good and bad. As Vij says, “There is no aspect of Indian life, its politics or economy, which is not affected by the monsoons.”.
Is the monsoon stronger in India?
An MIT study published in July finds that north central India’s monsoons have become stronger in the last 15 years. According to an MIT News article about the study, the recent trend “has reversed a 50-year drying period.”.
Is the Indian monsoon a textbook?
One of the researches is quoted as saying, “The Indian monsoon is considered a textbook, clearly defined phen omenon, and we think we know a lot about it, but we don’t.”.
How does monsoon affect Indian economy?
The Monsoon has deep impact on Indian economy because more than 60% population depends on the agriculture. In other words, the monsoon is the life-line of Indian economy just like blood is required for survival of life and so is that without monsoon our agrarian economy cannot survive. Indian Geography: A Complete Study Material.
Why is monsoon important to India?
The Indian agriculture is considered a gamble against monsoon because agricultural activities over almost all parts of India are very much dependent upon the monsoon rainfall. In fact, monsoon is the axis around which the India economy revolves. Hence, monsoon plays very important role in shaping Indian Economy.
What would happen if the monsoon failed?
If monsoon fails, it would lower the water levels that have detrimental effects on the power generation as well as irrigation facilities. 6. Impact on rural economy: India's rural life revolving around agriculture and allied activities in small villages, where the overwhelming majority of the population lives.
How does the failure of the monsoon affect India?
The failure of the monsoon affects unfavourably the volumes and the balance of India’s foreign trade. The revenue of the government sharply decline due to the fall in the national income and the government is burdened with extra ordinary expenditures.
What is monsoon climate?
Monsoon Climate is a characteristic property of south and Southeast Asia and has influence over the economic activities in the region falling under it. The Indian agriculture is considered a gamble against monsoon because agricultural activities ...
What is the impact of agriculture on India?
1. Impact on Indian Agriculture: The agriculture is the backbone of Indian economy because more than 60% of Indian population engaged in agriculture, which shares around 20.5% in the Indian gross domestic product. In India, water is more valuable than gold for the farmers or the one who engaged in agriculture. ...