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Tractor Sale will grow by 2-4 % in 2016 by ICRA

  • ICRA, Indian investment information credit rating agency expects the tractor volumes will grow by 2-4 percent in financial year 2016.

    ICRA said, "In view of IMD's revised forecast for the 2015 monsoon and the actual rainfall and monsoon so far (till June third week), ICRA expects tractor industry volumes, domestic and exports will grow by a modest 2-4 percent."

    Mahindra & Mahindra, India's largest tractor maker had forecasted a growth of 5-6 percent in financial year 2016, if the monsoons are normal.
    Government of India (GOI) is favorable towards rural development and agri-mechanisation; with other supporting factors like scarcity of farm labour, healthy credit availability will continue to encourage demand for tractors.

    Tractors market in the last year was down due to unfavorable factors such as delayed monsoons, decline in Kharif output, low commodity prices, slight increases in MSP of major crops, altered rabi sowing pattern and farm losses due to extensive crop damages. We can expect moderately stable tractor market this year.

    Domestic tractor volumes remained stable in first half of this year.

    Source ICRA