business π§οΈ El Nino threatens driest monsoon in 17 years
India is facing the prospect of its driest monsoon in 17 years due to strengthening El Nino conditions. This is happening in India, where cumulative rainfall for the June-September season is 15% below the long-term average. The IMD predicted a 10% shortfall, and the deficit is expected to stay between 13% and 16%. This prolonged deficit threatens crop yields and food inflation, which was 5.95% in August. The government is stepping in by allowing duty-free sugar imports to manage rising food costs. π