New Delhi, July 29 -- A pick-up in monsoon rainfall during July is expected to support agricultural growth and improve rural incomes, although strengthening El Nino conditions continue to pose risks to the southwest monsoon, according to a report by ICICI Bank.

The report said, "While monsoon is in deficit, pick-up in July is positive for agriculture growth and rural incomes."

ICICI Bank noted that El Nino conditions have strengthened further, with the R Nino 3.4 index steadily rising since the onset of the southwest monsoon.

"El Nino conditions have strengthened further, with R Nino 3.4 index rising steadily since the onset of the southwest monsoon to 1.94, approaching 2.0 threshold last observed during the 2015 southwest monsoon seas...