The PHD Chamber of Commerce and Industry has stated that the revival of southwest monsoon has widened India's growth prospects with GDP expected at around 5.9 percent for the current financial year, in line with the projection made by the Economic Survey. On sector wise, industry body expects 5 to 6 percent growth in industry sector, 3 to 4 percent growth in agriculture sector and 7 to 8 percent growth in services sector. .
Referring to agriculture sector, Industry body's President Sharad Jaipuria has asserted that resurgence of monsoon rains coupled with the announcements in the Union Budget 2014-15 for agriculture sector include focus on increasing irrigation facilities, farm markets, financial help to landless farmers and Kisan TV to provide real time information to farmers would help increase farm productivity in the coming future.
Monsoon rain is crucial for India as 55 percent of the arable land depends entirely on rain for irrigation. Though, agriculture sector accounts for only about 15 percent of the economy, monsoon has a wider impact because it affects millions of people in villages who depend upon agriculture. Meanwhile, the revival in monsoon rains over the last five-six days has reduced the rainfall deficit by 8 percentage points to 35 percent and accelerated planting of crops which was at half of last year's level. Rainfall is expected to continue for the next 10 days which would help farmers plant more rice, oilseeds, pulses, cotton and coarse grains.