INDIAN TRACTOR INDUSTRY AT A GLANCE IN 2013 - 2014
Tractor sales in India rose by about 20 per cent to an all-time high of 6,33,656 units in fiscal 2013-14. This happened in the backdrop that during this period the passenger car sales slumped by 6 per cent and commercial vehicles posted lower growth. Increased mechanization in the farm sector due to low labor availability, better hikes in minimum prices for various crops as well as last year's good rainfall led farmers to expand farming activities which is the chief reason that drove up tractor sales according to industry experts. The Indian Tractor Industry is expecting 8-10 per cent growth in the next fiscal year too. Mahindra and Mahindra tractor sales rose by 22 per cent to 2,57,270 tractors in the year ended on March 31, the highest ever by the company. The Indian tractor industry's long-term outlook remains positive and is expected to grow in the range of 10-12 per cent CAGR in next five years.
