financetom
Economy
financetom
/
Economy
/
IMD or Skymet: Who will get 2019's monsoon forecast right?
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
IMD or Skymet: Who will get 2019's monsoon forecast right?
Apr 16, 2019 8:01 AM

The first official forecast of the South West Monsoon 2019 is out and there is a new category called ‘Near Normal’ introduced by the India Meteorological Department (IMD) as they call the monsoon at 96 percent of Long Period Average (LPA).

Share Market Live

NSE

Normal monsoon as per definition falls under 96-104 percent and below 96 percent is accounted as below normal monsoon. The country has been recording below normal monsoon for the last two years at 91 percent for 2018, 95 percent for 2017.

India receives 70 percent of its annual rainfall during the June to September months, more than 50 percent of India arable land is not irrigated and depends on these months of rain. Thus, a lot of expectations are built around the overall monsoon forecasts, monthly distribution and region wise rains.

While the IMD has forecasted 96 percent of LPA, the private forecaster Skymet has predicted 93 percent rainfall, which falls in the below normal category.

This is an important year to watch the country has seen deficient monsoon in last two years, an election year, the water tables are depleting, nearly eight states have declared deficient monsoon last year and there is severe farm distress there.

Rainfall Possibility:

Skymet

Normal Rain: 30 percent.

Below Normal: 55 percent.

Drought: 15 percent.

IMD

Near Normal: 39 percent.

Below Normal: 32 percent.

Deficient: 17 percent.

Above Normal: 10 percent.

Also, in 2019, there is a high probability of an El Nino developing, which is associated with weak monsoon for the country. The years of El Nino like 2009, saw monsoon at -21.8 percent, 2014 was 11.9 percent deficient and 2015 was 14.3 percent deficient.

So it’s even more important to call this monsoon right so as to ensure that there are information and analysis for farmers and enough preparedness with the administration and officials busy with election duty.

But as the below table proves that the first estimates in the last many years have mostly missed the actual by a large number, so still early days and may the rain gods oblige.

First Published:Apr 16, 2019 5:01 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Brokerage Charles Schwab's second-quarter profit falls on interest income dip
Brokerage Charles Schwab's second-quarter profit falls on interest income dip
Jul 16, 2024
(Reuters) - Brokerage Charles Schwab's second-quarter profit fell 2%, hurt by higher interest paid on client deposits and its own borrowings. WHY IT'S IMPORTANT With the U.S. Federal Reserve holding onto interest rates, companies such as Charles Schwab ( SCHW ) have been paying higher interests on deposits. Meanwhile, Charles Schwab ( SCHW ) raked in higher fees, which partially...
No rush for US Fed to cut rates, IMF's chief economist says
No rush for US Fed to cut rates, IMF's chief economist says
Jul 16, 2024
WASHINGTON (Reuters) - Cooling inflation data is allowing the Federal Reserve to begin a very reasonable shift toward easing rates, but a still-strong U.S. labor market means that there's no rush to make decisions, International Monetary Fund chief economist Pierre-Olivier Gourinchas told Reuters. Gourinchas said in an interview accompanying the release of new IMF growth forecasts on Tuesday it is...
US retail sales unchanged in June, beating forecasts for slight drop
US retail sales unchanged in June, beating forecasts for slight drop
Jul 16, 2024
WASHINGTON (Reuters) - U.S. retail sales were unchanged in June and the underlying trend was strong, which could boost economic growth estimates for the second quarter. The flat reading in retail sales last month followed an upwardly revised 0.3% gain in May, the Commerce Department's Census Bureau said on Tuesday. Economists polled by Reuters had forecast retail sales, which are...
US import prices flat in June
US import prices flat in June
Jul 16, 2024
WASHINGTON (Reuters) - U.S. import prices were unchanged in June as lower prices for energy products offset a rebound in the cost of food, the Bureau of Labor Statistics said on Tuesday. The flat reading in import prices followed a 0.2% drop in May. Economists polled by Reuters had expected import prices, which exclude tariffs, to dip 0.1%. In the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved