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- India’s agriculture sector accounts for around 14% of the country’s $2.7 trillion economy and 42% of total employment.
- With around 55% of India’s arable land dependent on precipitation, the amount of rainfall during the current monsoon season could sway economic activity in the agriculture sector and industries linked to it.
- The current flooding in parts of central and northern India has damaged the cotton crop and dry weather is needed for the harvest season for sugar cane and rice as well. Flooding may prompt the Indian government to raise minimum support prices for all of the current season’s crops to help support farmers’ incomes.
Given the terrible drought this summer to Texas cotton and now incessant October rains hitting 30-40% of the Indian cotton crop, we can see why cotton prices in particular rallied off of key support areas late last week and on Monday.
What will happen next and will flooding the rice and sugar cane market? We invite you to a 2 week FREE trial to Weather Wealth here https://www.bestweatherinc.com/membership-sign-up/