The prediction stands at a moderate error estimated of plus-minus 5 per cent of the Long Period Average (LPA).
India's weather office defines average, or normal, rainfall as between 96 percent and 104 percent of a 50-year average of 89 cms for the entire four-month season beginning June.
A normal south-west monsoon bodes well for the Indian economy and is likely to boost rural demand and alleviate farm distress.
Normal rains in last two years helped a rebound in farm growth rate to 6.8% in 2016-17 and an estimated 3% in 2017-18.
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The date of onset of monsoon will be announced in the middle of May.
However, the arrival of the monsoon and its distribution would play an important part so far as the economy was concerned, experts said.
Anything less than 90 per cent of LPA is termed a "deficient" monsoon, and 90-96 per cent of the same is considered "below normal".
The four-month monsoon season provides about 70 per cent of the country's annual rainfall.
The IMD, meanwhile, said it would be able to forecast a clearer picture of the Monsoon, which normally extends from June 1 to September 30, only in June. A normal monsoon is in the range of 96-104 percent of the LPA. India had faced deficient rains during monsoon season in 2015 and 2014, making both these years drought years.