The role of ocean variability is at a focal point in improving the weather and climate forecasts at different spatial and temporal scales. We study the effect of antecedent southwestern Indian Ocean mean sea level anomaly (MSLA) and sea surface temperature anomalies (SSTA) as a proxy to upper ocean heat capacitance on all India summer monsoon rainfall (AISMR) during 1993–2019. SSTA and MSLA over the southwestern Indian Ocean (SWIO) have been influenced by El Niño-Southern Oscillation (ENSO), the impact of ENSO-induced SWIO variability was low on rainfall variability over several homogeneous regions. Rainfall over northeast (NE) and North India (EI) has been modulated by ENSO-induced SSTA and MSLA over SWIO, thus effecting the total AISMR magnitude. The ENSO-induced changes in heat capacitance (SSTA and MSLA) over SWIO during antecedent months has less impact on west coast of India, central India and North India (NI) rainfall variability. The long-term trend in pre-monsoonal SSTA and MSLA over SWIO shows decreasing rainfall trend over NI, NE, and EI in the recent time. Furthermore, the cooler (warmer) anomaly over the western Indian Ocean affects rainfall variability adversely (favourably) due to the reversal of the wind pattern during the pre-monsoon period. While SSTA and MSLA are increasing in the SWIO, large-scale variability of these parameters during preceding winter and pre-monsoon months combined with surface winds could impact the inter-annual AISMR variability over homogeneous regions of India. Similarly, from an oceanic perspective, the antecedent heat capacitance over SWIO on an inter-annual time scale has been the key to the extreme monsoon rainfall variability.