state the significance of moonsoon for the people of India
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The Monsoon rains in India also replenish reservoirs and groundwater that helps in improving irrigation and also boosts hydropower production. Moreover, a good Monsoon season can reduce demand for subsidized diesel used for pumping water from wells, ground, ponds or rivers for irrigation.
India gets around 70 percent of its annual rainfall during the monsoon season, which also affects the yield of some key kharif or summer crops like rice, pulses and oilseeds such as soybeans. Farmers start planting these crops with the arrival of monsoon rains in June.
In a good monsoon season, farm output goes up, boosting demand for consumer goods as well as income of rural people. All of this leads to a stronger economic outlook that in turn help lift equities, especially of companies selling goods in rural areas.
During droughts, the government has to support farmers through incentives, subsidies. These widen fiscal deficit. Good monsoon season, hence, also checks government spending.
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