India’s agriculture growth could be down by 5 per cent due to deficient monsoon, a top corporate leader said today.
Failure of the monsoon and the consequent dip in agriculture growth could also impact the country’s GDP growth which is already under strain due to the impact of a global recession, he said.
“If the monsoon is delayed, agriculture growth will be down by 5 per cent and GDP growth by 0.25 per cent,” Godrej Industries Chairman Adi Godrej said on the sidelines of a function here. The actual impact will be felt from September or October and it would impact both rural and urban areas uniformly,” he said.
Majority of farmers still depend on monsoon rains for kharif crops and agriculture sustains over 60 per cent of the country’s 1 billion-plus population, though the farm sector contribution in GDP is coming down.
On his Group’s real estate business, Godrej said, “We are looking at new housing projects in Ahmedabad, Kolkata and suburban Mumbai. Bookings for these would start in the next two-to-three months.”
