IMD sees 2017 monsoon rains at 98 percent of long-term average

NEW DELHI (Reuters) - India's crucial monsoon rains are expected to reach 98 percent of the long-term average this year, the India Meteorological Department (IMD) said on Tuesday, 2 percentage points higher than its previous forecast, potentially boosting farm incomes and economic growth. The monsoon delivers about 70 percent of India's annual rainfall, critical for the farm sector that accounts for about 15 percent of India's $2 trillion economy and employs more than half of the country's 1.3 billion people. Monthly rainfall across the country is likely to be 96 percent of its long-term average during July, and 99 percent of the average during August, both with a model error of 9 percent, the IMD said in a statement. In April, the IMD forecast this year's monsoon rains at 96 percent of the 50-year average of 89 centimetres. India's 260 million farmers depend on monsoon rains to grow crops such as rice, cane, corn, cotton and soybeans because nearly half of the country's farmland lacks irrigatio Monsoon rains lashed the Kerala coast of India's southwest last month in what was the earliest start to the rains since 2011. Financial Astrology Tips