Droughts: Bad For The US, Catastrophic For India

Thursday, August 16, 2012
By Paul Martin

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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