"Therefore I believe that, now that the monsoon has also been good, the food prices may come down rather than further rise," the former governor of the RBI told PTI.
Modi also asked the media to have healthy competition and urged them to take extra effort to maintain credibility.
Many places in Tamil Nadu and Puducherry received rains in the last 24 hours, SB Thampi, Deputy Director General of Meteorology, Regional Meteorological Centre, said.
According to Sheikhpet Mandal Revenue Officer S Ramulu, the child and his father got buried under the debris of a retaining wall that collapsed on their thatched house at Naidu Nagar at around 5:30 PM due to heavy rains.
"The southwest monsoon has withdrawn from some parts of Punjab, Haryana, most parts of west Rajasthan and some parts of Kutch and the north Arabian Sea on September 27"
The country had produced a record 138.52 MT in the kharif season of 2016-17 crop year (July-June) on good monsoon rains.
“Demonetisation was a six-eight week phenomenon from Nov 8-Dec 30...When you say that April-June GDP (gross domestic product) growth has declined because of demonetisation, that is completely incorrect,” Kumar said
Manohar Bhat, Chief Business Head- Motor, Bajaj Allianz General Insurance said that it is also advisable to have a comprehensive motor insurance policy with sufficient add on covers to minimise the losses from any vehicle damage.
Besides the metropolis, adjoining Navi Mumbai and Thane regions were also lashed by incessant downpour since last night, delaying suburban train services and leaving vehicles crawling through waterlogged roads in low-lying areas.
Traffic jams were reported on all major arterial roads, including the Eastern and Western Express Highway, Sion-Panvel highway and LBS Marg as the rains continued since last night.
Watch KJ Ramesh of MET giving his readings and outlook on monsoon. Also watch CNBC-TV18’s Manisha Gupta for more.
The Met department state that there is a 4 percent deficit rain across the country, but 26 percent part of the country has received deficient rain
The heavy rain wreaked havoc across the city, crippling normal life, flooding roads and houses in many localities and dampened the 70th Independence Day celebrations in the state capital.
Higher imports by the world's second biggest consumer will support global prices, which are trading near their highest level in two months, but could widen the country's trade deficit.
The sales are expected to grow in the range of 9-11 per cent at a compounded annual growth rate (CAGR) over the next five fiscals.
The consumer price index likely rose 1.87 percent last month, after dipping to an historic low of 1.54 percent in June, according to the median forecast of nearly 30 economists.
According to the IMD, rainfall over the country during the remaining two months of the monsoon season (August and September) is likely to be 100 per cent of the Long Period Average (LPA) with a model error of plus or minus 8 per cent.
The state, which saw floods in Jalore and in parts of Barmer, Sirohi and Pali districts, received 367.83 mm rains against the normal rainfall of 290.89 mm from June 1 to August 6, which is 26.4 per cent higher, according to water resources department.
The monsoon season in India, considered lean for the travel industry, seems to be picking up gradually as it saw 27 per cent growth in holiday bookings in 2017, compared to last year, as per MakeMyTrip data
Watch the interview of M Mohapatra, Head Services at IMD with CNBC-TV18's Manisha Gupta, where he gave an update on the monsoon activity.
This year, July has seen a robust growth with the freight loading being at an all-time high for the month at 94.09 million tonnes, 4.75 million tonnes more than July last year, said a senior official of the ministry.
Sales had risen 18 per cent last fiscal year on good rains and despite note ban, after declining more than 10 per cent in 2015 and 2016 when the monsoons played truant, Crisil said in a report today.
Morgan Stanley Research has revised the headline CPI forecast for calender year 2017 to 3.1 per cent from 3.6 per cent earlier and for 2018 to 4.3 per cent from 4.6 per cent earlier.
Watch CNBC-TV18's Manisha Gupta give an update on monsoon.
Eight states including Assam, Arunachal Pradesh and Bihar have delayed the approval of project reports for flood control