RBI is widely expected to lower interest rates for a third time this year, at its policy review on June 2, after retail inflation cooled to a four-month low of 4.87 percent in April. Subramanian further the country's adequate food stocks would help contain inflation, even if summer monsoon rains turn out to be weak.
The June-September monsoon season is vital for India as half its croplands lack irrigation, but a forecast of less rain than usual this summer due to the emergence of the El Nino has threatened farm output.
Retail inflation in April cooled to a four-month low of 4.87 percent on slower annual increases in food costs, government data showed earlier this month.

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