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Tractors Industry
which was witnessing steady single digit growth for the past three years are
all set to post a double digit growth this fiscal even in this scenario of
demonetization which has hit the country adversely.
As per several tractor manufacturers,
tractor sales is likely to grow by 18-19% to 5.8-5.85 lakh units by the end of
this fiscal. If this comes true, it will be the second highest sales volume
recorded in the domestic tractor market in a year after sales surged 20% to a
record high of 6,34,151 units in 2013-14. Between April and October 2016,
tractor sales accelerated 25% over that in the previous year. After falling 14%
in November, sales picked up in December to grow 7% over that a year ago.
At the same time the pre-ownedtractor segment is also showing a decent growth in the past one year, organized
players like Shriram Automall India Limited are receiving good demand for used
tractors thanks to the favorable outcomes this year in terms of decent monsoon
and sowing of rabi crops.
Industry pundits are expecting a
good demand in the year to come as the new budget for FY 2017-18 is all set to
boost the spending capacity of all individuals across the country and with the
implementation of GST can make tractors cheaper and easy to afford.
‘The ongoing year has already created a favorable market scenario for
the farm equipment segment and in the next FY we are expecting to have a
positive increase in the demand for used tractors are the government is all set
to focus more on the agricultural sector. Also people often opt to buy a
pre-owned tractor through finance and put their hard earned money in avoiding
crop failure.’ Said Sameer Malhotra, CEO SAMIL
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