Stable outlook for tractor industry, limited Covid impact on demand: Icra

In June, the industry recorded a 22 per cent growth in wholesale volumes and 10 per cent growth in retail volumes

Ratings agency, Icra on Friday said it continues to maintain a stable outlook for the tractor industry, with the impact of the pandemic and accompanying lockdowns on the demand prospects expected to be relatively limited.

The lockdowns aimed at containing the spread of Covid-19 pandemic have significantly impacted demand sentiments across consumer segments, and is expected to lead to a sharp contraction in the country's GDP in financial year 2021, Icra said in a release.

In the midst of all this crisis, an expectation of growth in agricultural output remains a silver lining, and is expected to result in healthy