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The India Meteorological Department’s (IMD) revised forecast of a normal monsoon has brought cheer to tractor makers. Domestic tractor sales volume is poised to hit a new record of over 650,000 units, growing at double digits for second consecutive year. The growth phase had started in FY17 after two back-to-back annual decline in volumes owing to sub-normal monsoon.
The IMD on Tuesday raised its estimate of rainfall to 98 per cent of the long period average (LPA) against 96 per cent earlier. LPA is the average rainfall received in the fifty years ending the year 2000, which stands at 89
