Indian farmers’ hopes for bumper crops following this year’s abundant monsoon rains were dashed by heavy downpours just before harvest that damaged their fields, crushing the dreams of millions who rely solely on agriculture for their livelihoods.
The losses to crops such as cotton and soybean are expected to slow agricultural growth, boost farmers’ debt and cap rural consumption, which had been set to rise after New Delhi slashed taxes on hundreds of consumer items.
The reduction in yields from excessive rainfall is likely to halve agricultural growth to three per cent to 3.5 per cent in the December quarter, down from 6.6 per cent a year earlier.
Summer-sown crops such as soybean, cotton, rice, pulses and vegetables mature from September, a month that saw rains of 15 per cent above average this year, with some regions getting as much as 115 per cent more than normal.
