- El Nino may impact winter crops in India, warns Citi India Chief Economist Samiran Chakraborty
- Chakraborty suggests possible interest rate hikes amid economic and weather concerns in India
- India's household debt requires better measurement, says Chakraborty at SBI conclave
El Nino could impact winter crops in India, according to Citi India Chief Economist Samiran Chakraborty. During a panel discussion at the 13th SBI Banking & Economics Conclave on Thursday, he said, “We might have to hike interest rates now,” according to an Informist report.
He also said India's household debt cannot be directly compared with that of other countries. “Household debt should be measured better,” he added.
Chakraborty's comments on El Nino come amid disrupted monsoon patterns in India, with drought and floods reported in several parts of the country. El Nino has also been linked to extreme weather conditions globally, including heatwaves in Europe and the United States. The current El Nino began in June and is expected to continue into next year.
ALSO READ | El Nino Threatens Over 450,000 Lives In Next Six Months, Nearly 16,000 In India At Risk: Study
On Wednesday, a study by researchers at the University of Chicago's Climate Impact Lab said extreme heat linked to this year's “super El Nino” could threaten more than 450,000 lives globally over the next six months, including nearly 16,000 people in India. The researchers also estimated that the number of extremely hot days could rise by 44% compared with normal years, according to a Reuters report on the study.
The study estimated that the super El Nino could result in as many as 451,000 excess deaths worldwide in the six months through February 2027.
The number of excess deaths could rise further if El Nino extends into 2027. Regions in the Northern Hemisphere, including India and Pakistan, are particularly vulnerable during their summer months, according to the report.
The Climate Impact Lab described this year's El Nino as a “postcard from the future”, saying it could offer a glimpse of temperatures that may become normal in the coming decades.
The researchers said emergency response efforts should focus on high-priority regions to address heat-related mortality in the coming months.
ALSO READ | El Nino May Bring Early Summer, Putting Rabi Crops At Risk Amid 15% Monsoon Deficit
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