(Bloomberg) --India recorded its best monsoon season since 2020, setting the stage for a bumper harvest of crops such as rice, soybeans and pulses.
Precipitation during the June-September period waters about half of the country's farmland and is critical to agriculture because it also influences winter plantings. Rains were below average last year, prompting the government to prolong restrictions on rice, wheat and sugar exports.
The world's second-biggest producer of wheat, rice and sugar received 934.8 millimeters of rain during the four-month season, compared with a normal of 868.6 millimeters, according to data published by the India Meteorological Department on Monday.
There are expectations that a rise in farm output will encourage the government to relax curbs on sugar and wheat. Indian farmers planted monsoon crops, including rice and pulses, in 110.4 million hectares (273 million acres) of land as of Sept. 23, up 1.5% from a year earlier, according to the farm ministry.
The country loosened limits on some varieties of rice shipments on Saturday. It lifted a ban on overseas sales of non-basmati white rice, and set a minimum export price of $490 per ton. On Friday, authorities also cut a tax on exports of parboiled rice to 10% from 20%.
Rainfall in the central region was at 19% above normal
The eastern and northeastern region got 14% below normal rains
Cumulative seasonal rainfall data is compiled by the IMD
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