New Delhi, June 10 -- A weak monsoon has always worried India's farmers. It should now worry the country's largest consumer companies just as much. India's next big consumer goods disruption may begin with a failed or scanty monsoon hundreds of kilometres away from their factories and warehouses.

El Niño, a periodic tilt of warmer Pacific Ocean waters towards the American seaboard away from the Asian one that weakens India's monsoon, is usually watched for its impact on the farm sector.

It deserves equal attention from corporate boardrooms. A season of lower rainfall, longer dry spells or drought in important farming regions can travel through the economy before appearing in the price of a biscuit packet, cup of tea, chocolate bar ...