Monsoon thunder

The monsoon clouds may be thinning, but they continue to thunder. With the Indian Meteorological Department finally saying India will have a 15% shortfall in June to September, rating agency Crisil has sharply cut its FY13 GDP forecast to 5.5% from 6.5% earlier. According to Crisil, with the rain deficiency in FY13 nearly as bad as it was in FY09, there will be no agriculture growth this year—the earlier forecast was a 3% growth.

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