Tracking the cloud: Rain gods still taking their time

June is drawing to a close and we are staring at a monsoon deficiency of nearly 16%. The Indian Meteorological Department and Skymet have forecast above normal monsoon this year, but the rain gods are yet to show urgency.Among individual states, Maharashtra is doing good after two consecutive years of drought. But North East has not been as lucky, with a deficiency of 35 percent so far. It is worse still in Gujarat, which is counting a deficiency of 83 percent at this point. The IMD expects monsoon to gather pace July onwards, and predicts that good rains in July and August should make up for the shortfall in June.For now, sowing activity is around 20 percent below the corresponding period last year. The agriculture ministry expects an increase in sowing acreage as the water condition improves.Good monsoons this year is the key to a revival of the economy, which has been racked by rural distress arising from back-to-back droughts, and also by a weak global economy.A bountiful monsoon will also be key to keeping food inflation in check and thus allow the Reserve Bank to continue with monetary easing.Shares of seeds and fertilizer companies have already rallied on expectations of above normal rains, and shares of two-wheeler companies too have done well as the rural population accounts for more than half of the total two-wheeler sales.