India's driest monsoon in over 10 years strains food production
India just had its driest monsoon in more than 10 years, thanks to the super El Nino. This has hit food production hard and sparked concerns about a possible food crisis.
Foreign Minister Jaishankar pointed out that fertilizer shortages, made worse by conflicts in the Middle East and Russia, are adding to the pressure.
Reservoirs 28% short threaten India crops
Reservoirs were 28% short of full capacity at the end of September, putting winter crops at risk.
The World Bank warns food prices could climb even higher because of poor rains.
With roughly 46.1% of India's workforce tied to farming and villages, experts like Hanna Luchnikava-Schorsch from S&P Global expect a slowdown in rural demand, which could impact big brands like Hindustan Unilever and Maruti Suzuki and put extra strain on the overall economy.