A report by BBC heralds, relief for all those suffering extreme drought. The report says that the Indian Meteorological Department expects an above average rainfall in 2016. After two years of drought, this year’s monsoon looks set to deliver good news for the many people that rely on the rains. The chief of The Indian Meteorological Department (IMD), LS Rathore on Tuesday said that the distribution of the monsoon should be fair across the country with the drought-affected Marathwada in Maharashtra receiving good rainfall.
In a report by Scroll, according to the IMD chief, the Northeast and Southeast regions may receive slightly less-than-normal rain. According to the report, there is a 30% chance that the monsoon this year will be in excess, while there is a 34% probability of an above-average monsoon. The IMD predicted that weather conditions indicate a 30% possibility of a normal monsoon this year.
The Financial Express states that hopes of a robust monsoon and positive key macro-economic data supported market sentiments this week as domestic benchmark indices BSE Sensex and NSE Nifty surged nearly 4 per cent in the holiday-shortened week. Equity markets were closed on Thursday on account of ‘Ambedkar Jayanti’ and Friday due to ‘Ram Navami’.
The 30-share Sensex recaptured the 25,000 mark by advancing 952.91 points, or 3.86 per cent, to 25,626.75 on April 13 from 24,673.84 on April 8. Similarly, the 50-share Nifty reclaimed 7,800 mark as the index gained 295.25 points, or 3.91 per cent, to settle the week at 7850.45.
In June, the Met Department will issue another detailed forecast, charting out predictions for monthly rainfall as well as seasonal rainfall across the country. The government, the Indian Institute of Tropic Meteorology and private forecaster Skymet have all predicted a good monsoon.