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LATEST NEWS UPDATES | India roasted -Renu Kohli

India roasted -Renu Kohli

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published Published on May 17, 2022   modified Modified on May 18, 2022

-The Telegraph

The economic impact of heatwaves is steep

India is feeling the heat in ways other than the rising prices. The ongoing heatwave, in which temperatures have shot above 45 degree Celsius in many parts of northwest and central India, highlights the rising climate risks and their attendant costs. Heatwaves, beginning earlier than in the past, are part of a changing climate whose defining features, in addition to the gradual rise in temperature, are an increased frequency and intensity of extreme weather events. The human and economic costs of extreme heat conditions often go untraced and uncounted even as adaptation diffuses recognition somewhat. Summed across the population and over time however, the costs are significant. So are the macroeconomic consequences. The current heatwave illustrates some of these.

The most obvious is agriculture where the government has just banned wheat exports, the latest and sharpest in a series of responses to the shortfall caused by the sudden rise in temperature in mid-March, a critical time for crop maturity. Expected yield losses are about 15-20%, production is estimated to be 6% less than what was initially projected (111.32 million tonnes), with some reports stating that the internal assessment is less (98 mt) and that the struggling public procurement could be half the original target. Wheat proportions in the food subsidy scheme stand diluted, wheat allocations to 10 states under the food security law have been cut, procurement times extended, and quality specifications relaxed. Price pressures are never far behind output deficits and, predictably, wheat prices rose almost 10% year-on-year against 8.4% food inflation in April from 7.7% in March; wheat flour or atta prices have risen too.

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The Telegraph, 17 May, 2022, https://www.telegraphindia.com/opinion/india-roasted-the-economic-impact-of-heatwaves-is-steep/cid/1865457


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