Weak monsoon rains pose threat to economic growth

Weak monsoon to be credit negative for India: Moody's
A weak monsoon is likely to be credit negative for India as it is expected to push up food inflation as well as government deficits, global rating agency Moody's has said. The India Meteorological Department (IMD ) has revised its monsoon forecast for 2015 from below normal to deficit.

PM Modi seeks irrigation boost as drought looms
The country must quickly expand its irrigation network and improve water usage to offset the impact of less monsoon rainfall than usual, Prime Minister Narendra Modi said, as the country braces for its first drought in six years.

Drought scare: Crisil pares GDP forecast by 50 bps
After the prediction of deficient monsoon this year, domestic ratings agency Crisil has cut its FY16 growth estimate by 0.5 per cent to 7.4 per cent, saying a second consecutive year of less rainfalls will hurt the economy.