Droughts: Bad For The US, Catastrophic For India
Mamta Badkar
BusinessInsider.com
Aug. 16, 2012
The northwestern Indian state of Rajasthan, and the southern state of Karnataka have declared a drought, according to the Wall Street Journal. And the monsoon’s are 15 percent lower than the long-term average now, down from 22 percent.
While the drought in the U.S. has been severe and impacted the nation’s farm industry, the drought in India is likely to have a much bigger impact on the local economy.
Agriculture still accounts for about 15 percent of the country’s GDP, compared with 1.2 percent in the U.S. Indians also spend a larger portion of their income on food, which accounts for 36 percent of the consumption basket.
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