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Data● Neutral for Indian equities
Storage in India’s key reservoirs improves a tad, but still below last year and normal level
The brief
- Storage improved slightly, but remains below last year’s level and the normal level
- 18 reservoirs are brimming, while 51 dams are half-empty
- Reservoir levels and rainfall shape prospects for Indian agriculture and rural demand
- India weighs lower pulse import duties to curb food inflation
- Weak monsoon weighs on rural demand; September tractor sales fall at M&M and Escorts Kubota
- India’s power shortfall reaches a three-year peak despite higher coal burn
- India must relieve rural distress: Deficient rainfall threatens not just food security but also rural incomes
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