India’s marketers of consumer products should keep a close eye on El Niño for what it can do to farm output

For India’s fast-moving consumer goods (FMCG) companies, a weak monsoon is more than a supply problem. It is a business problem that affects costs, margins and growth. For decades, consumer companies have been judged on their brands, advertising, pricing power and distribution networks. That view is woefully incomplete. Some of their most important assets are not inside factories. They are the farms that produce milk, wheat, tea, coffee, spices, sugar, herbs and edible oils.