Normal Monsoon to Boost Rural Demand, Manufacturing and Economy: PHD Chamber

The normal monsoon forecast by Indian Meteorological Department (IMD) is encouraging as normal monsoon behavior helps not only the agriculture sector but also boosts rural demand and manufacturing sector said Mr. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry.

We expect economy to grow at around 8% with a good growth in the agriculture sector, manufacturing sector and steady growth of the services sector said Mr. Jiwarajka.

Our exports have shown a good growth number in the recent months and we look forward for growth to continue in the coming months too, he said.

The IMD has predicted normal rainfall during the 2017 southwest monsoon season for the country as a whole is likely to be 96% of the long period average (LPA) with a model error of ±5%, said Mr. Jiwarajka.

Our country is still considered as agrarian economy and is largely dependent on the monsoon behavior in a particular year as a substantial part of the agricultural produce comes from the monsoon fed crops, said Mr. Jiwarajka.

So good monsoon is always considered as a big boon to India’s economy and helps in increasing agricultural output, he said.

However, we need to focus on minimizing the wastages by augmenting storage capacities, modernizing or upgrading the godowns, said Mr. Jiwarajka.