The first month of the monsoon season in India ended with a total rainfall 33% below the 50-year average, Citi said, citing data from the India Meteorological Department.
India's agriculture sector accounts for around 14% of the country's $2.7 trillion economy and 42% of total employment, said Rajiv Biswas, chief economist in Asia Pacific for consultancy IHS Markit.
Asia's third-largest economy ended June — the first month of the monsoon season — with total rainfall 33% below its 50-year average, according to Citi, which cited data from the India Meteorological Department. Rain has picked up in July and the total rainfall this month will affect India's agricultural output and overall economic momentum, analysts said.
The overall Indian economy remains very vulnerable to the monsoon, since poor rainfall can significantly reduce agricultural production.About one-third of India's manufacturing output — which makes up around 18% of the country's gross domestic product — is linked to turning agricultural products into food, Biswas noted. And with around 55% of India's arable land dependent on rain, the monsoon season could sway economic activity in the agriculture sector and industries linked to it.
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