Finance Minister Arun Jaitley, after attending a meeting with the Meteorological department officers, said that the concerns over the weak monsoons this year are may have been slightly misplaced. He added that this year’s monsoon are not going to be too bad and that its impact on the food grains will be limited.
Speaking to the media over the impact of the rains he said that there will not be any hard outcome because of the limited monsoons. He also added that the centre has already been working for measures to outcome the problems due to the rain shortages. He further added that the prices of various commodities have been under check.
The Indian meteorological department predicted that the average total rainfall of the sub-continent will be decreased to 88 percent this year, due to the poor monsoons. The shortage of rainfalls could hit the agricultural sector dearly. As a result the prices of the commodities are likely to rise.
The central government has been alerted by the Finance Minister to check possible measures to be taken to avoid major loss to the Indian economy. Stocks and bonds have also sold off in fears of higher food inflation.