DNA Money Edit: Time to chase the rain cloud

India Meteorological Department (IMD) has dismissed all the fears raised by a private weather forecasting company, Skymet Weather Services. After Skymet predicted below-normal rains this year nearly a fortnight ago, IMD has said that the economically crucial Southwest monsoon, which delivers more than 70% of the country's annual rainfall, is expected to be 'near-normal' this year. It has predicted the annual rainfall during the June-September rainy season to be 96% of a long-term average. Skymet believed that El Nino is likely to be the reason for below-normal showers.

The monsoon is critical to India's economy and agriculture and it shapes the livelihood of thousands of Indians. It also influences food prices in the country. India, the world's second-biggest producer of rice and wheat, is heavily dependent on the monsoon and can't afford to have deficient showers, which could lead to a lower crop output and higher imports, and an unavoidable spurt in inflation.

Rains are important for electricity generation too, as about 13% of India's power comes through hydel projects. The hydropower sector is going through a transition phase, with 13 hydropower projects comprising a total of 4.57 gigawatt (of the 66 gw facing various degrees of financial stress, as of now). India's efforts to expand its hydropower capacity and drive lower dependence on thermal power may take shape only if the rain gods smile and shower blessings on the country.