Crop Outlook Concerns Loom Large on India Inc
Tuesday, August 26, 2008
Cumulative rainfall was 2% above normal up to August 20 as per India Meteorological Department - IMD compared with 1% below normal up to August 6. On an un-weighted basis, cumulative rainfall was near stable (0%) up to August 20 compared with 5% below normal rainfall received up to August 6. Aggregate countrywide rainfall was 48% above normal during the week ended August 13 and 1% below normal during the week ended August 20 respectively.Crop area under cultivation remains weak: Overall crop area under cultivation was 3.1% lower YoY as of August 22 similar to 3.2% lower YoY as of August 17. Area under cultivation tends to be good indicator of the volume growth in summer crop. With about 95% of season's sowing has already been completed, there is now a very low possibility of achieving normal crop output growth.
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