The people of India are facing severe heat these days. On the one hand, while this high temperature is scorching people, on the other hand, the risk of increasing inflation is also high. Yes, summer can increase inflation, says rating agency Moody's. In its report released on Monday, the agency has said that prolonged high temperatures are harmful to India, as they can lead to inflation and affect growth.
The rating agency gave this argument
In the long term, India's extreme downside risk to physical climate risks could mean destabilizing economic growth, according to Moody's. India is constantly facing climate-related events. The report said that although heatwaves are quite common in India, they are usually at their high in May and June. However, this year New Delhi witnessed its fifth heatwave in May, with the maximum temperature rising to 49 degrees Celsius. The rating agency said prolonged high temperatures would affect most of the country's northwest, which could impact wheat production. Also, it can cause a power outage. This could lead to higher inflation and growth risks.
Wheat production cut
According to the report, the government has reduced the production estimate of wheat by 5.4 percent to 150 million tonnes for the crop year ending June 2022 because of the scorching heat. Because of the low production and high prices of wheat at the global level, recently the government has banned the export of wheat. The ban comes at a time when India may be able to meet the global wheat demand gap after the Russia-Ukraine military conflict. While this will benefit in the recent times, then later economic growth will also have to suffer.
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