About 5% deficit rains due to a possible El Nino factor could have a bearing on economic growth by 1.75% in the 2014-15 fiscal, affecting lakhs of unskilled jobs, an Assocham report has said.
Deficiency in rains could also impact food inflation, which has always been a concern to policy makers, it said.
“The deficit rainfall of 5% due to El Nino factor will cause loss to the GDP of about 1.75%, i.e. Rs 1,80,000 crore, hurting lakhs jobs of unskilled sectors,” the report said. About 60% of net sown area of the country is rain-fed. With every 1% deficit in rains, the country’s gross domestic produce (GDP) falls by 0.35%.
Deficiency in rains could also impact food inflation, which has always been a concern to policy makers, it said.
“The deficit rainfall of 5% due to El Nino factor will cause loss to the GDP of about 1.75%, i.e. Rs 1,80,000 crore, hurting lakhs jobs of unskilled sectors,” the report said. About 60% of net sown area of the country is rain-fed. With every 1% deficit in rains, the country’s gross domestic produce (GDP) falls by 0.35%.
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