Union finance minister Arun Jaitley's message of hope ahead of predictions of a deficient monsoon. The Empowered Committee of State Finance Ministers met in New Delhi today to deliberate on the revenue neutral rate, besides other issues, for smooth roll out of Goods and Services Tax. Jaitley, who chaired the meeting, addressed a presser later.
Excerpts:

-- Yes, monsoon has a significant impact on economy and the slight inadequacy, is in the north west. But a large part of north-west India has good irrigation facilities.

-- Even if the deficient monsoon prediction is correct, the impact on foodgrain production will not be significant. Foodgrain production will not to be impacted by poor monsoon; adequate stocks are available.

-- I don't anticipate any distress situation even with the kind of predictions that have been made.

-- IMD's new predictions suggest monsoon will be close to normal

-- The monsoon fear is far-fetched, don't see any such impact.