India's vital monsoon rains are expected to be just below normal this year, the weather office said on Tuesday, instead of the normal forecast given in April.
The India Meteorological Department said in a statement this year's monsoon rains would be 95% of the long-term average overall, down from its earlier forecast of 98% and just short of the 96-104% range which counts as normal monsoon. India, one of the world's largest producers and consumers of crops such as rice, sugar and corn, relies heavily on the June to September monsoon for agricultural output. It had the driest monsoon season in over three decades in 2009, which pushed it onto international markets to buy sugar.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!