Below-normal monsoon likely this year, El Nino effect to blame: Skymet

According to Skymet, June and July will have less rains

Private weather forecaster Skymet has predicted below-normal monsoon rains during June-September, clouding prospects of higher economic growth in a country whose farm sector is significantly dependent on the seasonal rainfall. The agency has not ruled out drou­ght, though its chances are 15 per cent. 

The forecast came a day before the monetary policy committee’s (MPC’s) review meeting to decide the policy rate. Experts, however, said Sky­met’s prediction might not have much impact on the MPC’s decision. 

The benchmark indices, which got off to a positive start on Wedn­esday, dived in the afternoon trade following the forecast. The Sensex tumbled about