The forecast that a normal monsoon would make way to India in time has been the most soothing news the policymakers have heard since what seemed like ages. This is one positive news which would put the nation back on track with upward economic growth taking the third-largest economy in Asia further. Economists also accepted that the June-September period prognosticates growth and improved income for the rural folk as well.

Essential such a change would reflect in the food prices, the major victims of inflation. With the news coming only a few days after the global crude oil prices and gold prices lowered there is a large relief to the current account deficit CAD, that was furrowing the Indian economy.

On paper, overall growth is the immediate effect but what the practical results would be remain to be experienced. Being an agricultural nation, most of our economy depends on the agricultural produce which inturn relies on timely monsoon.

There is a high likeliness that the Reserve Bank of India would lower the key rates reflecting in positive growth prospects. The International Monetary Fund ( IMF) has also said that growth in India has bottomed out and expects the economy to grow 5.7% in 2013 calendar year and 6.2% in 2014.

However, with the 2014 general elections, the ruling party might not invoke any major economical reforms which impede the growth of the nation. It is crucial that the reforms in the nation be stepped up to sustain the growth the nation can experience at this time. One expert economist also voiced his opinion that it is not just the monsoon that will help boos the economy from the current status, hinting that there should be other factors making the most out of the momentum that the monsoon provides.

(AW- Anil)