The southwest monsoon has officially arrived in India. Nothing defines domestic output quite like the rainy season. There is an entire industry focused on predicting the quality of the monsoon. Due to sparse irrigation, the dominant agricultural sector relies on the weather cycle for a productive, if not robust, harvest. That outcome impacts investment and consumption. The Indian economy can certainly use a jolt, given a hawkish central bank. Generous GDP growth, which the IMF projects to be 7.5% this year and next, has failed to build financial-market stamina. Solid rainfall may energize otherwise sullen investors, all the more because of deficient monsoons in both 2014 and 2015. ■
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