War Against Inflation: Even though the retail inflation has come down to an 18-month low of 4.70 per cent in the month of April, Reserve Bank of India Governor Shaktikanta Das has again warned against inflation. The RBI governor said that the war against inflation is not over yet and the central bank is keeping an eye on the El Nino factor as it may have an impact on inflation.
Governor Shaktikanta Das said, the present situation is very dynamic and the war against inflation is not over yet. In such a situation, we need to be alert. There is no reason for complacency, we have to see how the El Nino factor which is being feared shows its effect.
The monsoon department has predicted normal rainfall this year. But many research reports believe that this year, due to the effect of El Nino, drought-like conditions may arise, due to which the production of food grains may decrease. The MOAA (National Oceanic and Atmospheric Administration), an organization associated with America, has predicted the arrival of El Nino between June and December 2023. This can affect the monsoon in India.
In the Monthly Economic Review released by the Ministry of Finance for the month of January, citing the predictions of weather related agencies, apprehensions were expressed that conditions like El Nino could be seen in India. If this prediction turns out to be true, then there may be a decrease in rains. Due to this, agricultural production may remain low, due to which the prices of food items may increase.
El Nino refers to periodic changes in the sea surface temperature of the Pacific Ocean, whose effect is seen on the weather. The temperature is warmer due to El Nino. Due to El Nino, there is heat even in the cold season, while in the summer season the temperature rises and drought-like conditions arise. Due to its effect, changes are seen in the areas that get rain. It rains more in places with less rainfall.
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