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<ul><li><keyword id="20025925" type="General" weightage="20" keywordseo="auto-sales" source="keywords">Auto sales</keyword> in August 2024 recorded a month-on-month decline.</li><li>One of the reasons for the decline in sales was excessive rainfall in the country.</li><li><keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword> has urged banks and NBFCs to tighten funding for dealers with excessive inventory.</li></ul>Auto sales in India experienced a significant decline in August 2024, primarily due to excessive rainfall during this monsoon season, according to a report by the Federation of Automobile Dealers Associations (FADA). The report highlighted a 7.01% month-on-month (MoM) decline in overall retail auto sales, falling from 20.34 lakh units in July to 18.91 lakh units in August. Despite this monthly decline in sales, the auto sector witnessed a modest 2.88% year-on-year (YoY) growth compared to August 2023. "India saw 15.9% <keyword id="22508938" type="General" weightage="20" keywordseo="excess-rainfall" source="keywords">excess rainfall</keyword>, with a significant surplus in key regions, disrupting auto retail performance," said a report by FADA. <h2>Decline in sales</h2>The report added that the two-wheeler (2W) segment, despite showing a 6.28% year-on-year growth, registered a 7.29% month-on-month decline. As per the report, market saturation and weather disruptions were the key factors behind the decline in two-wheeler sales. <div type="Article" hostid="261" msid="113016216" title="August auto sales – Maruti Suzuki, Tata Motors and others report a decline in sales" mstype="2" mssubtype="0"></div> In the passenger vehicle (PV) segment, there was a 4.53% YoY and 3.46% MoM decline, while the commercial vehicle (CV) segment recorded an 8.5% MoM and 6.05% YoY decline. FADA noted that weak industrial demand and weather-related challenges were major contributors to the significant drop in commercial vehicle sales. <h2>Inventory levels continue to be a challenge</h2>FADA also highlighted growing inventory challenges in the PV segment, with stock days ranging between 70-75 days, representing approximately 7.8 lakh vehicles valued at ₹77,800 crore. The report noted that these high inventory levels, combined with aggressive OEM dispatches have created cash flow pressures for dealers, impacting their profitability. "Dealers under pressure due to aggressive OEM dispatches, with dealers facing cash flow challenges and reduced profitability" the report said. <h2>FADA urges banks to tighten funding</h2>To address this, FADA has urged banks and NBFCs to tighten funding for dealers with excessive inventory. Additionally, the report emphasized the need for dealers and OEMs to recalibrate their supply strategies to avoid a potential inventory crisis. For the upcoming months, the report paints an optimistic picture with the festive season offering growth opportunities. However, it also noted that the auto retail market must navigate challenges posed by weather uncertainties and inventory management. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

FADA urges banks to tighten funding to dealers as rains play spoilsport in August

<ul><li>A <keyword id="48670" type="General" weightage="20" keywordseo="Morgan-Stanley" source="Orion">Morgan Stanley</keyword> report says that rural demand is set to rebound, helped by wider reopening, improving labour market and more.</li><li>Its rural activity tracker has picked up in the last 3-4 months.</li><li>Rural wages have been showing improvement in August and rural unemployment hit an 8-month low in September.</li><li>The structural outlook of rural areas is improving as well – thanks to policymakers’ focus on boosting rural incomes.</li></ul>Rural economy is all set for a rebound as per readings from four key indicators – employment, credit offtake, auto sales and trade, according to a recent report by Morgan Stanley. “We believe rural demand is set to rebound, helped by wider reopening, improving labour market conditions, and improving terms of trade for the rural sector,” the report said. Apart from increasing food inflation since the start of this financial year, India’s villages have been suffering from the effects of the second wave of the pandemic – which dislocated livelihoods. Government spending too was reduced, as compared to the first wave. However, the tide seems to be turning. “High-frequency data suggest that overall economic activity has been normalising over the past three months after remaining sluggish in the trailing 12 months. Our consolidated rural activity tracker shows a pickup in YoY terms over the last 3-4 months,” the report said. Cyclical outlook The first indicator is the unemployment rate which hit an 8-month low in September, as per CMIE. Secondly, two-wheeler sales reached 1.1 million in September, its highest since the pre-pandemic month of October 2020. Agricultural credit growth also hit its highest in nine months in August – at 13.4%. “Even as agriculture exports have been impacted by policy decisions to restrict exports of wheat and rice, they have grown 27.5% in the financial year to date FY23. The terms of trade are now turning with non-food inflation moderating,” Morgan Stanley said. An increase in hiring in the informal sector and more employment opportunities in the semi-skilled space will also help improve rural household incomes, as per the report. Normalised activity will also boost monetary transfers from urban to rural areas - and give a much-needed fillip to the rural economy. Moreover, rural wages – both farm and non-farm — have shown an improvement in August. “Rural wages are steady in nominal terms and probably at trough in real terms,” the report said. Structurally speaking Apart from the cyclical outlook, the structural outlook of rural areas is improving as well – thanks to policymakers’ focus on boosting rural incomes. Apart from improving agricultural productivity, they are building infrastructure, industry and services along with skill-building of the rural labour force. “Progress has already been made in physical infrastructure, connectivity and digital infrastructure, and we expect policymakers to continue to focus on boosting productivity across the rural economy,” the report said. While government spending in rural areas has reduced since the start of the pandemic, it’s still at 3.3% of the GDP — well above the pre-pandemic levels. However, Morgan Stanley also insists that there are risks associated with their assumptions on <keyword id="9592296" type="General" weightage="20" keywordseo="Rural-recovery" source="Orion">rural recovery</keyword>. They include slower-than-expected improvement in contact-intensive services segment growth, weak job creation in the semi-skilled segment, and an increase in commodity prices — which will increase non-food inflation and worsen terms of trade for the rural sector. Monsoons: Scarcity plus surplus The biggest drag however is the patchy monsoon this year. While rainfall was 6% above last year’s rainfall, as much as 40% of the total area received excess rainfall and six regions (17% of total) in the north and north-eastern parts of the country recorded a deficit. As per the full-season data, decline in kharif acreage touched 0.8% year-on-year as the deficit in rice sowing – a key summer crop – remains steady at 4.8%. Sowing declined the most for rice, followed by pulses and oilseeds. “The first advance estimates show rice production likely to be 6.8mn tons lower than in 2021. We will continue to monitor the government's measures to regulate the supply and demand balance in this area through procurement and other actions. Separately, the reservoir level is at 108% of the 2021 level, which is likely to support the winter cropping season,” the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/two-in-three-ceos-in-india-expect-a-recession-in-12-months-says-survey/articleshow/94934951.cms">Two in three CEOs in India expect a recession in 12 months says survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indians-above-40-are-feeling-younger-healthier-than-gen-z-millennials-report/articleshow/94918231.cms">Indians above 40 are feeling younger &amp; healthier than Gen Z, millennials - report</a>

Rural recovery underway says Morgan Stanley

<ul><li>India is witnessing <a href="https://www.mid-day.com/lifestyle/nature-and-wildlife/article/erratic-rainfall-pattern-in-india-amid-climate-change-warns-ipcc-report-23223005">erratic</a> rainfall after suffering from intense <keyword id="190116" type="General" weightage="20" keywordseo="heat-waves" source="Orion">heat waves</keyword> in April.</li><li>On one hand, Assam has received <a href="https://weather.com/en-IN/india/monsoon/news/2022-06-24-southwest-monsoon-to-cover-india-entirely-between-june-30-and-july-6">too much</a> rainfall and on the other, Jharkhand has received around half of what it’s due.</li><li>We are only halfway through 2022 and India has already witnessed extreme weather patterns.</li></ul>Heatwaves somewhere, floods in other parts of the country – India has witnessed extreme weather patterns in 2022 and we are only just halfway through the year. After suffering from intense heat waves in April, Assam has received <a href="https://weather.com/en-IN/india/monsoon/news/2022-06-24-southwest-monsoon-to-cover-india-entirely-between-june-30-and-july-6">too much</a> rainfall and on the other, Jharkhand has received around half of what it’s due. <div type="image" title="rain or sun" msid="92592948" hostid="261" caption="&amp;lt;p&amp;gt;Giphy&amp;lt;/p&amp;gt;"></div> <keyword id="185923" type="General" weightage="20" keywordseo="erratic-monsoon" source="Orion">Erratic monsoon</keyword> in India The <a href="https://www.businessinsider.in/india/news/the-winds-of-change-are-changing-the-fortunes-of-indian-farmers/articleshow/92487685.cms">easterly winds</a> that bring <keyword id="6358301" type="General" weightage="20" keywordseo="monsoon" source="Orion">monsoon</keyword> to the Northwest India have been absent in June this year, leading to a dry spell in the region. Instead, those winds drifted to Northeast India, leading to <a href="https://www.businessinsider.in/india/news/the-winds-of-change-are-changing-the-fortunes-of-indian-farmers/articleshow/92487685.cms">floods</a>. As June came to an end, as per <a href="https://twitter.com/ANI/status/1542378873492344835">IMD</a>, Southwest monsoon advanced into entire Uttar Pradesh, Himachal Pradesh and Jammu and Kashmiri, some parts of Rajasthan, entire Delhi, some parts of Punjab and Haryana on Thursday. According to the latest EcoScope report from research firm Motilal Oswal, India’s cumulative rainfall has a reported deficit of 7% as of June 26, 2022 after reporting a surplus of 20% in 2021 and 22% in 2020. The deficiency of rainfall is because the northwestern, central and southern parts of India have a shortfall of rains, suggesting that the issue is a lot more widespread than initially expected. <div type="image" title="kharif-2" msid="92592978" hostid="261" caption="&amp;lt;p&amp;gt;BI India&amp;lt;/p&amp;gt;"></div> A see-saw summer From long dry spells to excessive rainfall, 2022 has been a year of extremes so far. As per the India Meteorological Department (IMD), April was the <a href="https://internal.imd.gov.in/press_release/20220402_pr_1551.pdf">hottest</a> month for northwest and central India and the third-hottest April the country has seen over the past 122 years, from 1901 to 2022. The daily high temperatures measured each year have also been increasing at a faster rate than daily low temperatures. This indicates that the distribution of temperature is shifting and <a href="https://www.cnbc.com/2022/05/02/india-heat-wave-in-pictures.html">changing</a> the ‘normal’ state. In fact, 12 of the country’s 15 <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1686173">warmest years</a> on record have occurred in the last 30 years. <div type="image" title="unnamed (6)" msid="92592990" hostid="261" caption="&amp;lt;p&amp;gt;BI India&amp;lt;/p&amp;gt;"></div> These recurring patterns of intense hot spells and erratic rainfall could be a sign of climate change and global warming. Our country is also expected to suffer through more frequent and intense hot spells, extreme rainfall and erratic monsoons in the coming decades as the planet warms, said <a href="https://www.business-standard.com/article/current-affairs/india-s-record-heatwave-to-get-worse-authorities-blame-global-warming-122042900785_1.html">United Nations’ Intergovernmental Panel</a>, a body for assessing science related to climate change. Cascading impacts of climate change This radical change in the weather is not good news for a country like India, which is heavily dependent on agriculture as it contributes <a href="https://india.mongabay.com/2021/10/extreme-weather-becomes-the-new-normal-in-indias-main-monsoon-season/">16-20% to GDP</a>, according to Finance Ministry data. In a country like India farmers are heavily dependent on monsoons for irrigating their fields, erratic rainfall and hot summer are the bane for their cultivation. According to a <a href="https://data.worldbank.org/indicator/AG.LND.IRIG.AG.ZS">World Bank report</a>, as of 2015, nearly 62% of the agricultural lands in India are dependent on monsoon rains for irrigation. As of 24th Jun’22, <a href="https://www.businessinsider.in/india/news/the-winds-of-change-are-changing-the-fortunes-of-indian-farmers/articleshow/92487685.cms">Kharif sowing</a> is 24% lower than the area sown last year. <div type="image" title="kharif-1" msid="92593007" hostid="261" caption="&amp;lt;p&amp;gt;BI India&amp;lt;/p&amp;gt;"></div> The 2022 summer, which was ridden with heatwaves, led to cascading impacts not just on human health, but also on ecosystems such as agriculture, water and energy supplies. Power demand spiked and coal inventories dropped, leaving the country with its worst <a href="https://www.businessinsider.in/india/news/why-are-there-power-cuts-and-heatwave-in-india/articleshow/91177785.cms">power shortage</a> in more than six years. The heat wave also <a href="https://www.reuters.com/world/india/after-five-record-crops-heat-wave-threatens-indias-wheat-output-export-plans-2022-05-02/">threatened</a> India’s wheat output plan. According to a World Meteorological Organization report released in 2020, India lost more than <a href="https://www.hindustantimes.com/india-news/india-lost-87-billion-to-climate-disasters-in-2020-report-101635272896946.html">$87 billion</a> (approx. ₹6.8 lakh crore) due to disasters such as cyclones, floods and droughts. However, there’s still hope to <a href="https://www.ipcc.ch/2022/04/04/ipcc-ar6-wgiii-pressrelease/">control</a> climate change. It will involve a substantial reduction in fossil fuel use, widespread electrification, improved energy efficiency, and use of alternative fuels (such as hydrogen).

SIMPLY PUT: extreme weather is the new normal in India

Just two days after recording 811.6 mm of rainfall in a day, <keyword id="635157" type="General" weightage="20" keywordseo="cherrapunji" source="Orion">Cherrapunji</keyword> in Meghalaya received a bountiful 972 mm of precipitation in 24 hours ending 8.30 am on Friday, the highest in June since 1995, the India Meteorological Department (IMD) said. One of the wettest places in the world, Cherrapunji has recorded more than 800 mm of precipitation on a June day on nine occasions since the IMD started keeping records, the IMD data showed. Till Friday, Cherrapunji has received a total of 4081.3 mm rainfall this month, Sunit Das, Scientist E at IMD's regional centre in Guwahati, said. In 24 hours ending 8:30 am on Wednesday, the town nestled in the East Khasi Hills gauged a copious 811.2 mm of rainfall. On June 16, 1995, Cherrapunji logged 1563.3 mm of rainfall. A day before, on June 15, 1995, it received 930 mm of precipitation. "It doesn't always rain like this. 50-60 cm is normal (in Cherrapunji) once or twice every year. But 80 cm and above is certainly not usual," Das told PTI. "A trough has been persisting over the region for some days and southwesterly winds have been continuously bringing a lot of moisture from the Bay of Bengal. These winds smash against the cliffs of the Khai hills and give rainfall," he said. Cherrapunji recorded 673.6 mm of rainfall on Thursday, 811.6 mm on Wednesday, 62.6 mm on Tuesday, 293 mm on Monday and 354 mm on Sunday. The spell of extreme rainfall is likely to continue for one or two days. Thereafter, the intensity will decrease, the scientist said. At an aerial distance of 10 km from Cherrapunji, Mawsynram, the wettest place in India, gauged 710.6 mm of rainfall in 24 hours ending 8:30 am Wednesday, the maximum since June 1966. On June 10, 1966, Mawsynram had recorded 717.6 mm of rainfall. On June 7, 1966, it had received 944.7 mm of precipitation, the highest on a June day since the IMD began maintaining records. The town had gauged a 24-hour rainfall of 623.4 mm on June 8, 2015. "Mawsynram is at present the wettest place in India, with an average annual rainfall of 11802.4 mm (average of the 1974-2022 period). Cherrapunji receives 11359.4 mm of rainfall in a year (average of the 1971-2020 period)," Das said. Overall, the northeast and east India has received 220.3 mm of rainfall, 39 per cent more than normal, since June 1 when the monsoon season starts. Meghalaya has gauged 865.7 mm of rainfall, 153 per cent more than normal, since June 1. Arunachal Pradesh has recorded 253.1 mm of rainfall, 22 per cent more than normal, while Assam has logged 372.9 mm of rainfall, an excess of 79 per cent. However, not all states in the region have seen good rainfall. Manipur, Mizoram and Tripura have reported a rainfall deficiency of 50 per cent, 46 per cent and 38 per cent. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/will-mukesh-ambanis-viacom18-and-star-make-a-profit-out-of-ipl-in-the-next-5-years/articleshow/92278191.cms">BCCI’s money-spinner a curse for Mukesh Ambani’s Viacom18: Will IPL make profits for media winners this time?</a> <a href="https://www.businessinsider.in/defense/news/section-144-crpc-imposed-in-gurugram-to-tackle-the-ongoing-protest-against-agnipath-scheme/articleshow/92278461.cms">Section 144 CrPC imposed in Gurugram to tackle the ongoing protest against Agnipath scheme</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-users-beware-of-this-fathers-day-scam/articleshow/92274111.cms">WhatsApp users beware of this Father’s Day scam</a>

Cherrapunji in Meghalaya sets another record with 811 mm on rainfall in a day

<ul><li>According to IMD, the monsoon trough is likely to gradually shift northwards, along the foothills of the Himalayas, during next 24 hours, while the southwesterly and southerly winds from the Arabian Sea will converge over northwest India from July 9 onwards.</li><li>These conditions will collectively cause fairly widespread to widespread rainfall, with isolated heavy to very heavy falls, over the Western Himalayan Region and parts of northwest Indian plains.</li><li>The state of Uttarakhand, in particular, will experience isolated extremely heavy falls on Saturday and Sunday, July 11-12.</li></ul> The India Meterological Department has issued a <keyword id="9543808" type="UNKNOWN" weightage="20" keywordseo="red-alert-in-Uttarakhand">red alert in Uttarakhand</keyword> warning heavy rainfall over the weekend — that may trigger landslide in some areas of the state. According to IMD, the monsoon trough is likely to gradually shift northwards, along the foothills of the Himalayas, during next 24 hours, while the southwesterly and southerly winds from the Arabian Sea will converge over northwest India from July 9 onwards. These conditions will collectively cause fairly widespread to widespread rainfall, with isolated heavy to very heavy falls, over the Western Himalayan Region and parts of northwest Indian plains. The state of Uttarakhand, in particular, will experience isolated extremely heavy falls on Saturday and Sunday, July 11-12. In view of this forecast, IMD’s regional met centre in New Delhi has issued a red warning across the state over the weekend, instructing its residents to “take action” and protect themselves from the rough weather. As per IMD’s met centre in Dehradun, Thursday will see heavy rainfall occur at isolated places in Dehradun, Pauri and Nainital districts, the conditions will intensify on Friday, with heavy to very heavy showers likely over isolated places in Dehradun, Haridwar, Pauri, Nainital and Udham Singh Nagar districts. Tehri, Uttarkashi, Almora and Champawat will also witness heavy precipitation. Over the weekend, heavy to very heavy rains will lash isolated places in Nainital, Champwat and Udham Singh Nagar districts, while heavy showers are expected to occur at isolated places in Dehradun, Tehri, Pauri, Haridwar, Uttarkashi and Almora. IMD Dehradun adds that over the past week or so, Uttarakhand has collectively received above-normal rainfall worth 115 mm. Heavy rains have triggered landslides in the region; debris from the mountains blocked the Badrinath and Yamunotri highways for a few hours on Wednesday. In Uttarkashi district, one person died in a car accident on the Mando-Tekla motorway late on Tuesday night after losing control of his car and falling into a 100-meter-deep gorge. In Dwarahat area of Almora district, a mother and her two minor daughters also lost their lives after their two-storey house collapsed due to incessant rains on Tuesday night. Further, wet weather has caused rivers like Gaula, Sher Nala, Surya Nala in the Kumaon region to swell up. However, public sound systems are in place in sensitive areas, so as to inform people on a mass scale in case of emergencies. Since the beginning of June, Uttarakhand has collectively recorded normal precipitation at 262.8 mm. The district of Bageshwar has particularly received ‘large excess’ rainfall at 554 mm, while Pithoragarh (464.5 mm), Udham Singh Nagar (360.4 mm) and Chamoli (191.6 mm) have all registered ‘excess’ showers as compared to their respective long-term average figures. The precipitation in a majority of the remaining districts has been more or less normal. SEE ALSO: <a href="https://www.businessinsider.in/india/news/photographer-of-the-viral-black-panther-images-from-india-shares-his-story/articleshow/76830618.cms">INTERVIEW: Shaaz Jung opens up about the blood, sweat and years behind the viral images of a rare black panther</a> <a href="https://www.businessinsider.in/politics/world/news/harvard-and-mit-are-suing-ice-to-block-its-order-forcing-international-students-to-leave-the-us-if-their-course-is-online-only/articleshow/76856699.cms">Harvard, MIT, and Northeastern University are suing ICE to block its order forcing international students to leave the US if their course is online-only</a> <a href="https://www.businessinsider.in/tech/enterprise/news/russian-scammers-are-conning-senior-executives-into-giving-away-2-7-million-by-impersonating-real-ceos-and-lawyers/articleshow/76849870.cms">Russian scammers are conning senior executives into giving away $2.7 million by impersonating real CEOs and lawyers</a>

IMD issues 'red alert' in Uttarakhand for heavy rainfall in the next two days

India’s Chief Economic Advisor (CEA), <keyword id="20690607" type="General" weightage="20" keywordseo="V-Anantha-Nageswaran" source="keywords">V Anantha Nageswaran</keyword>, remains optimistic about the nation’s economic prospects despite a slower-than-expected <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> in the second quarter of FY2024-25. Speaking at the Bharat @100 Summit hosted by Assocham, he said that the fundamental health of the economy remains robust, according to a report by aNI. Nageswaran highlighted several indicators demonstrating the economy’s resilience. “If you run through the checklist for the <keyword id="19948184" type="General" weightage="100" keywordseo="Indian-economy" source="keywords">Indian economy</keyword>, the health is pretty robust,” he noted, pointing to controlled levels of external debt as a share of GDP, declining non-performing assets in the banking system, and stable inflation trends. Although certain food items have caused inflationary spikes, their impact is limited within the overall consumer price index basket, he explained. The CEA praised the shift in fiscal expenditure priorities over the past seven years, with greater focus on capital investments rather than revenue spending. This reallocation, he suggested, has bolstered long-term economic stability and growth potential. India’s GDP growth for the July-September quarter was 5.4%, significantly below the Reserve Bank of India’s forecast of 7%. While this has sparked concerns among economists, Nageswaran urged against overreacting. Erratic monsoons and excessive rainfall disrupted economic activity in Q2, he explained, while global uncertainties and supply chain pressures further weighed on growth. Despite these challenges, he maintained confidence in the broader growth narrative, citing improvements in key economic metrics. For instance, India’s gross capital formation has risen from 27.3% of GDP in the second decade of the 2000s to 30.8% today. Private consumption remains steady, and exports—spanning both services and manufacturing—continue to perform well even amid challenging global conditions. Nageswaran also underscored India’s growing competitiveness in international trade. He noted that the nation’s total <keyword id="24325087" type="General" weightage="20" keywordseo="exports-as-a-percentage-of-GDP" source="keywords">exports as a percentage of GDP</keyword> now surpass China’s, showcasing its resilience and adaptability in a shifting global trade environment. However, he cautioned against reading too much into quarterly fluctuations, highlighting the impact of geopolitical developments such as trade restrictions from the US on critical minerals and rare earths, as well as policy shifts in China. These external factors, he suggested, are likely to persist and may continue influencing short-term economic trends. (with ANI inputs)

Indian economy is resilient despite Q2 challenges, says CEA Nageswaran

<ul class="summary-list"><li>At least 62 people have been killed in the worst flooding to hit Spain in decades.</li><li>Flash floods are becoming more common and more intense due to global warming.</li></ul>At least 62 people have been killed and many more are missing in the <a target="_blank" class="" href="https://www.businessinsider.com/spain-flooding-51-dead-in-valencia-region-economic-hub-2024-10">worst flooding to hit Spain in decades</a>.Torrential rain hit parts of the country on Tuesday, cutting off main roads, delaying flights, and damaging homes.The rain was the result of a weather phenomenon known as a cold drop, in which cold air moves over warm water.The warm air then rises rapidly, leading to the formation of huge cumulonimbus clouds capable of releasing violent downpours that can devastate towns and cities.Such extreme weather events have a huge human and economic cost — and scientists believe global warming, combined with the way humans have developed the natural landscape, will only make the problem worse.<h2 id="971184fb-8d33-48d1-979d-6445b6e539be">The cost of extreme weather</h2>Estimates for the economic costs of extreme weather and flooding vary, but many tend to agree that they are on the rise.According to the European Environment Agency, extreme weather in Europe caused economic losses of assets estimated at more than $800 billion between 1980 and 2023.Last year, a study by <a target="_blank" class="" href="https://www.theguardian.com/environment/2023/oct/09/climate-crisis-cost-extreme-weather-damage-study">Victoria University of Wellington in New Zealand</a> said the damage caused by the climate crisis through extreme weather has cost $16 million an hour for the past 20 years.<a target="_blank" class="" href="https://www.weforum.org/agenda/2023/01/extreme-weather-economic-cost-wef23/">The World Economic Forum</a> calculated that the cost of extreme events had increased nearly eight times globally, inflation-adjusted, since the 1970s.The impact of flash flooding can be particularly severe because, often, there is very little warning.<h2 id="8409be50-c212-466d-bbd2-62c416ac5204">Flash flooding in dry areas</h2>Flash floods are <a target="_blank" class="" href="https://www.businessinsider.com/what-is-flash-flood-warning-how-to-stay-safe-vermont-2023-7">different from regular flooding</a> because they develop quickly, in the span of a few hours or even minutes.They can be far more devastating in dry areas because parched soil tends to repel water rather than allow it to soak in.That means surges can result from as little as 10 millimeters in just one hour, according to a<a target="_blank" rel="noopener noreferrer" class="c-link" href="https://affiliate.insider.com?h=3735d139977ac068c02d638e81b04695e0ab6b1d06970add3b44fafb88d52e11&amp;postID=6722014ce5b5408300715e9a&amp;postSlug=flash-floods-spain-increasing-globally-experts-infrastructure-change-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fd41586-023-00626-9.epdf%3Fno_publisher_access%3D1%26r3_referer%3Dnature"> 2023 article in Nature</a>."Our analysis using the Emergency Events Database shows that, since 2000, such regions experienced less than half (47%) of deadly flash floods globally, yet saw almost three-quarters (74%) of related deaths," the authors wrote.The same researchers found that the rate of dryland flash flooding around the world was 20 times higher between 2000 and 2022 than it was between 1900 and 1999.Ernesto Rodríguez Camino, a senior state meteorologist and member of the Spanish Meteorological Association, said flash flooding is becoming more frequent, a trend which is set to continue because of the damaging effects of global warming."Events of this type, which used to occur many decades apart, are now becoming more frequent, and their destructive capacity is greater," he said.<h2 id="c6269754-7554-446d-a63e-b8d93fdbfdc3">Why are there more flash floods?</h2>The Environmental Defense Fund (EDF), a US-based nonprofit, <a target="_blank" class="" href="https://www.edf.org/why-are-floods-hitting-more-places-and-people">said</a> flash flooding has intensified because of increased rainfall and heat waves.The rise in the world's average surface temperature — which was more than 2 Degrees Fahrenheit warmer in 2020 than it was 100 years ago — has resulted in more moisture and clouds in the air, the organization said.According to the EDF, modern infrastructure, including buildings, roads, and sidewalks, has eliminated natural landscape features that would have slowed flooding in the past.It added that stormwater systems designed to protect buildings are often too old and not vast enough to handle the increasing amount of major weather events caused by global warming.Additionally, houses are continuing to be built in areas that are prone to flooding, the organization said.The <a target="_blank" class="" href="https://www.who.int/health-topics/floods#tab=tab_1">World Health Organization</a> (WHO) said people who live on floodplains or in buildings without flood protections or warning systems are most vulnerable.<h2 id="283c598d-eb50-4251-afb8-e7fbf0cb4832">What can be done?</h2><div type="image" title="Emergency workers clear debris the morning after heavy rains and flash floods hit the area on October 30, 2024 in Letur, Albacete province, Spain" height="3333" width="5000" msid="114787520" hostid="261" sizebytes="2262486"></div>Non-environmental factors, such as new infrastructure and better weather warnings, can help prevent the impact of flash flooding.Jess Neumann, an associate professor of Hydrology at the University of Reading, said that a long-term solution would involve the "radical redesign of urban areas.""Flash floods can affect anyone, anywhere. We take preparation for other hazards such as earthquakes and tsunamis very seriously with education, drills, and emergency kits," she said. "It is time we afforded the same to flood risk preparedness."John Marsham, a professor of atmospheric science at the University of Leeds, agrees with Neumann's assessment."Our entire infrastructure and civilization are based around a climate that no longer exists," he said, adding that some locations are becoming more difficult to insure against flood damage.Some cities are already considering better precautions for extreme weather events. For example, in 2022, the US Army Corps of Engineers unveiled its proposal to build a <a target="_blank" class="" href="https://www.nytimes.com/2022/09/26/nyregion/storm-project-new-york-harbor-flooding.html">$52 billion moveable sea barrier</a> along the New York Harbor to protect against storm surges.These protections would also allow local economies to recover faster.The EDF reported that the average flood event from excessive rainfall in the US costs around $4.7 billion.Marsham and Liz Stephens, a professor in climate risks and resilience, said that local governments should also implement stronger warnings about the risks of flash flooding to prevent death and injuries."People shouldn't be dying from these kinds of forecasted weather events in countries where they have the resources to do better," Stephens said.

Flash floods are a worsening scourge worldwide — here's why

<div type="image" title="SBI report says inflation will remain around 5 per cent this fiscal" agency="ANI" msid="112275933" hostid="261" caption="&amp;lt;p&amp;gt;SBI report says inflation will remain around 5 per cent this fiscal &amp;lt;/p&amp;gt;"></div>The Consumer Price <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> in India is expected to remain around 5 per cent in the financial year 2024-25 except for September and October month, according to a research report by <keyword id="13222" type="General" weightage="20" keywordseo="sbi" source="Orion">SBI</keyword>. The report also noted that the inflation outlook in India remains a critical focus for the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI). Recent data indicates that the <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) inflation rose to 5.08 per cent in June 2024, driven primarily by higher food and beverage prices. "CPI inflation is expected to remain below or close to 5.0 per cent in the remaining months, except for Sep'24 and Oct'24" said the report. The report also added that the monsoon season plays an important role in shaping food prices, and while the current monsoon has shown a satisfactory surplus, excess rainfall could lead to crop losses, adversely affecting food inflation. The RBI's ability to manage inflation expectations is crucial, especially as it navigates the delicate balance between supporting <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and maintaining <keyword id="19960158" type="General" weightage="20" keywordseo="price-stability" source="keywords">price stability</keyword>. "With monsoon progressing satisfactorily with 2 per cent surplus till date and progress of area coverage under Kharif crops showing 2.9 per cent yoy, we expect inflation to remain within RBI target in FY25. However, with La Nina getting precedence, excess rainfalls could result in crop loss and thus a negative impact on food prices" the report added. In response to the evolving economic landscape, the report mentioned that the RBI is likely to continue its stance of withdrawing accommodation. This approach aims to address inflationary pressures while ensuring that the economy remains on a growth trajectory. However, the central bank faces challenges in policy transmission, as deposit rates have shown downward rigidity despite a declining weighted average lending rate (WALR). This situation complicates the RBI's efforts to implement effective monetary policy. "Even though the Banks are chasing deposits to fund the incremental credit growth, RBI recent report suggests, the weighted average lending rate (WALR) on fresh rupee loan decreased by 11 bps from the beginning of the year (i.e. from 9.43 in January'24 to 9.32 in June'24)" the report noted. Looking ahead, the RBI's decisions will be influenced by both domestic and global economic conditions. The potential for a recession in the US and geopolitical tensions could impact inflation dynamics in India. As such, the RBI's monetary policy will need to remain flexible and responsive to these external factors while striving to achieve its inflation targets and support sustainable economic growth. (ANI)

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