While the eastern parts have been getting heavy rainfall for the last three-four days, leading to a flood-like situation in many states, parts of central and southern India have recorded between 30 and 46 per cent rainfall deficiency.
As per CRISIL's deficient rainfall impact parameter (DRIP), four states of Bihar, Karnataka, Maharashtra and Uttar Pradesh will be hurt most by deficient rains and these states contribute 34 per cent of total foodgrain production in India.
"Until now, July has witnessed minus 17 per cent of rainfall," India Meteorological Department (IMD) Director General Laxman Singh Rathore said.
Belying predictions, the country has received 21 per cent more rainfall than normal for this time of the year, India Meteorological Department (IMD) said.
IMD has warned that South-West monsoon rainfall will be weaker in July, when it is expected to be 92 per cent of the long-period average, and in August, when it will be 90 per cent.
In the study published in the journal Nature Communications, the researchers reported that the reduction in summer rainfall over central-east India during the past century is about 10 to 20 per cent.
As per experts, a surprise rise in IIP and steady inflation data will, however, help the market.
On June 2, India Meterological Department (IMD) scaled down this year's June to September monsoon rainfall forecast citing an El Nino weather pattern, raising fears of the first drought in six years.
The outlook by Skymet should help allay concerns of farmers who have already been hit hard by unseasonal rains earlier this year and have been on edge ever since the government forecast what could be India's first drought in six years.
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