Concerns about India’s weakest rains in over a century slowing growth shouldn’t be overstated as the economy has gone a long way from being so reliant on the monsoon, according to a top adviser to the Finance Ministry.
The August monsoon rains are a concern but there’s adequate buffer stocks of food staples, V Anantha Nageswaran, who is the chief economic adviser to the government, told Bloomberg in an interview on Friday.
“I don’t think we should overstate the worry. Sowing in some regions is low but irrigation levels, reservoir levels are good enough to offset that,” he said. But Nageswaran, who was a former chief investment officer with Julius Baer, expects inflation to ease in the coming months as the harvests come in and on higher imports of pulses. Core inflation, which strips volatile food and fuel prices, is also easing, he said.
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