|
|
 Madhu, a farmer, sows his first seeds after the onset of monsoon showers in Kochi on June 15.
Photo: AFP/Getty Images |
BUSINESS Singing in the rain This year's monsoon was the best India has had these last five years. Coming after a year of severe drought in 2002 -- the worst India has faced in a long time -- the monsoon brought normal or above-normal rainfall in 33 of the nation's 36 meteorological subdivisions. Water storage in the 70 major reservoirs rose to 58 percent of their full capacities and 81 percent of the last 10 years' average, against 11 percent of the full capacity and 65 percent, respectively. The rain brought plentiful cheer to corporate India. Despite a growing services economy and a resurgent industry, agriculture still contributes 25 percent to India's economy. This time around, India's agriculture ministry has forecast that grain output will rise to 108.45 million tonnes from 90.48 million tonnes last year. Financial institutions and economists agree that this year's stupendous growth for India was mostly driven by the agriculture sector's turnaround, which came about after the good monsoon. Monsoons and India ADB pegs India's growth at 6.7% 2002 drought
< Back Next > |
|||
