Monsoon likely to hit Kerala in next 48 hours; Jaitley says monsoon analysis on economy exaggerated

Thursday, Jun 4, 2015,19:48 IST By metrovaartha A A A

New Delhi | Monsoon is 48 hours away from Kerala but amid growing fears of poor monsoon this year, the Centre today made it clear that the Government was well prepared to tackle any situation with abundance of food grains in stocks.
Brushing aside the exaggerated and speculative analysis of the impact of deficient Monsoon on economy as misplaced, Finance Minister Arun Jaitley today said that government is well prepared.
Advanced predictions are better than last year. Kind of food management last year prevented any form of (price spiral), Mr Jaitley told reporters adding the government has sufficient food grain stocks to effectively intervene in the market as it did in 2014.
Weather forecasts say conditions continue to be favourable for the onset of Southwest Monsoon over Kerala during the next 48 hours.
Thunderstorms with squall would occur at isolated places over Gangetic West Bengal, Odisha, Jharkhand, Uttar Pradesh, Uttarakhand, Haryana, Chandigarh, Delhi, Himachal Pradesh, east Madhya Pradesh,
Vidarbha, Chhattisgarh, coastal Andhra Pradesh and interior Tamil Nadu during next 24 hours.
Heavy rain would occur at isolated places over Assam, Meghalaya, Sub-Himalayan West Bengal, Sikkim, coastal Karnataka, Kerala and Lakshadweep during the period. Day temperatures were appreciably to markedly above normal in some parts of south interior Karnataka and Kerala during past 24 hours.
Mr Jaitely said  said that there is some seasonal impact on prices of vegetables and pulses. The Department of Food has been taking several measures to boost supply of pulses.
The Finance Ministers assertion that there would be muted impact of weak Monsoon on economy comes in the midst of gloomy sentiment in the stock market where foreign investors have been aggressively selling the Indian equities. The Sensex has lost by over 1000 points in the last three days.