Tractor sales rise nearly 65% year on year in Aug as farming holds steady

Industry remains optimistic for festival months as the supply side has improved significantly compared to last month.

Tractor sales rose nearly 65 per cent year-on year-in August, lifted by good monsoons, better kharif sowing, crop prices holding up well, and steady retail finance. 

Industry representatives remain optimistic for the festival months as the supply side has improved significantly compared to last month.

T R Kesavan, president of the Tractor and Mechanisation Association (TMA), said earlier farmers are optimistic and rural economy is positive. He estimated around 7-10 per cent growth for the entire fiscal.

India’s rural population has been not been overwhelmed by Covid-19. Agricultural harvest and procurement have shown record improvements and combined with this PMKVY disbursals to farmers and utilisation of MNEREGA workers in capacity building activities directly and positively impacting agriculture has also given a positive boost to the rural sentiments.

This has resulted in all agriculture input businesses showing positive trends whether it is Tractors and Equipment or Fertilisers or even agriculture tyres.