Weakest monsoon since 2015 prompts ICRA to cut FY27 farm growth forecast

In 2026, the Southwest monsoon recorded rainfall at 87 percent of the long-period average, the lowest since 2015. ICRA has lowered its agriculture growth forecast for FY27 to approximately 1 percent from 1.3 percent due to inadequate rains. Kharif sowing has decreased by 1.2 percent compared to last year, with rice and cotton crops showing notable reductions. Reservoir storage levels have significantly declined, raising concerns for the upcoming rabi season.