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India's Farm Equipment Market Likely To Grow To $18 Billion By 2025 From $13 Billion

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Parshottam Rupala, Minister of State for Agriculture & Farmers Welfare, Govt. of India, said that government is committed to promote use of additional farm machinery in the coming years to achieve improvement in awareness towards diverse utilization of mechanization and credit support so that access to latest technologies is not a constraint. Speaking at 'EIMA AGRIMACH 2019', organized by FICCI, jointly with Ministry of Agriculture & Farmers Welfare, Govt. of India, Rupala said that tractors dominate the Indian farm mechanization market and only 10-15% of share is contributed by rest of the farming equipment.

He added that capacity building of local manufactures in terms of quality and production would not only produce better equipment but also let them gain access to larger market.He further added that sustainable mechanization technologies need to be developed and promoted to address the challenges associated with crop residue burning. India's farm equipment market likely to grow to USD 18 billion by 2025 from USD 13 billion. Farm mechanisation in India is in the initial stages, with the mechanisation level ranging from 40-45%, which is very low compared to that in developed economies, where mechanization has reached beyond 90%.India's farm equipment market is 7% of the global market, with more than 80% of the value contribution coming from tractors.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 06 2019. 13:23 IST
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