‘Bountiful monsoon signals prospect’: Anand Mahindra on IMD’s positive monsoon forecast, expects economic growth

Anand Mahindra’s tweet acknowledged India’s improved economic resilience in the face of fluctuating monsoon patterns. He said, “Although our ability to economically withstand a poor monsoon is significantly stronger than in the past, a bountiful monsoon signals the prospect of higher economic growth…”

The tweet further highlighted the role of technological advancements in improving the accuracy of weather forecasting. Mahindra stated, “And thanks to technology, the @Indiametdept forecasts have been far more reliable than in the past.”

This sentiment comes after the IMD’s official announcement predicting a southwest monsoon season with rainfall exceeding the LPA. The IMD expects seasonal rainfall to be around 106% of the LPA, with a margin of error of +/- 5%.

Mahindra ended his tweet by declaring, “So this is outstanding news…”

Meanwhile, rating agency Crisil announced on April 16 that it expects the current moderate El Niño conditions to ease to neutral in the coming months. The agency expects La Niña conditions to develop during the second half of the monsoon season.

Relationship between El Niño and La Niña

When La Niña follows an El Niño event, it generally favours the Indian monsoon, according to the past 72 years of data studied by IMD.

“The Indian Ocean Dipole (sometimes referred to as the Indian El Niño) is currently neutral; it is likely to turn positive in the second half of the monsoon season. This is another factor that is likely to benefit the Indian monsoon,” the ‘Rainbow Skies’ report by Crisil added.

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Published: 16 Apr 2024, 02:05 PM IST