Live
- Hailstorm-hit Vistara flight returns to Bhubaneswar airport
- PM Modi-led govt saved people during pandemic: Union Minister Anurag Thakur
- Heat wave grips Telangana, mercury crosses 46 degrees Celsius in few places
- New India believes in giving a dose, not dossiers, to terror masterminds: PM Modi
- Nagarkurnool MLA Kuchukulla Rajesh Reddy should send Malluravi to Parliament for the third time
- Awareness conference on Mayday under the auspices of Legal Service Authority
- Adani Power logs 37 per cent revenue growth in FY24, consolidated PBT more than doubled
- Rohit said 'just show us what you can do', recalls Shivam Dube post T20 WC selection
- Resignations of Lovely, Naseeb and Basoya indicate Congress high command's disconnect with ground reality
- Hamas standing in way of ceasefire, Blinken says during meeting with Israeli PM Netanyahu
Prolonged high temp could worsen inflation: Moody's
Prolonged high temperatures are credit negative for India, as that could exacerbate inflation and hurt growth, Moody's Investors Service said on Monday.
New Delhi: Prolonged high temperatures are credit negative for India, as that could exacerbate inflation and hurt growth, Moody's Investors Service said on Monday.
Over the longer term, India's highly negative credit exposure to physical climate risks means its economic growth will likely become more volatile as it faces increasing, and more extreme incidences of climate-related shocks, it noted.
The rating agency said although heat waves are fairly common in India, they usually occur in May and June. However, this year New Delhi witnessed the fifth heatwave in May with the maximum temperature touching 49 degrees celsius.
"The prolonged high temperatures, which are affecting much of the northwest of the country, will curb wheat production and could lead to extended power outages, exacerbating already high inflation and hurting growth, a credit negative," Moody's said.
The Indian government has revised down its estimates for wheat production by 5.4 per cent to 105 million tonnes for the crop year ending June 2022, given lower yields amid higher temperatures.
