hot summer season and low reservoir levels may put stress on summer crop of vegetables and fruits Says RBI Bulletin

RBI Bulletin: The country is witnessing severe heat and heatwave, due to which there is a risk of inflation increasing in the coming days. RBI has said in its June bulletin that vegetable and fruit crops may be affected due to this severe heat season and lack of water in reservoirs. In the bulletin, RBI Governor Shaktikanta said that there is a need to keep a close watch on the arrival of Rabi crop of pulses and the prices of vegetables. He said, global food prices have started increasing and double digit growth has been seen in the prices of industrial metals in the current year. If the price rise continues, the cost of companies may increase.

Food inflation remains a cause of concern

According to the RBI bulletin, the early arrival of Southwest Monsoon can prove to be great for the agriculture sector. But the bulletin has also expressed concern about inflation. According to the report, headline inflation has come down due to the reduction in the prices of core components, but due to the high price of food items and fluctuations in prices, there are obstacles in the way of getting relief from inflation.

Monsoon arrived early in Kerala

The bulletin said that the Southwest Monsoon arrived in Kerala two days earlier than expected and the weather department's prediction proved true. The timely arrival of monsoon will help in sowing of Kharif crops and the reservoirs can be filled, due to which the target of 340 million tonnes of food grain production in the 2024-25 crop year (July-June) can be met. The condition of El Nino may remain neutral in the first phase of the monsoon season.

GDP growth rate will be excellent in the first quarter

Expressing hope in the bulletin, it has been said that the pace of GDP growth during the first quarter of the financial year 2024-25 from April to June is expected to remain the same as was seen during the fourth quarter of the previous financial year from January to March. According to the bulletin, the country's real GDP growth in 2023-24 has been the highest since 2016-17, which has surprised all estimates. According to the bulletin, the average GDP growth was 7 percent during 2003-19, which has been more than 8 percent in 2021-24 due to domestic reasons.

private consumption on the rise

According to the report, the figures show that the increase in private consumption is playing an important role in increasing the demand and the demand is also increasing in rural areas. Due to the increase in expenditure on public welfare, the demand for FMCG products may increase. According to the bulletin, due to the heatwave in the country, people are not able to go shopping, which is being compensated by e-commerce platforms.

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