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Tractor Sales Grow In FY21 At Highest Rate In A Decade; Growth Estimated At 26.7 Per Cent
Farmer with a tractor (Clément Bardot/Wikicommons)
The nation's tractor industry has had a roaring end to FY21, with annual sales growing by more than 20 per cent, reports Hindu Businessline. Even as the final figures are still to come out, the overall annual growth in sales for FY21 will likely be the highest in a decade at about 26.7 per cent.
For Mahindra & Mahindra (M&M) which is the market leader, FY21 has emerged as the best year for sales after 2017-18. It has recorded an 18 per cent surge in yearly sales, selling as many as 3,43,833 units compared to 2,91,901 units in FY20.
Meanwhile, International Tractors Limited, which manufactures tractors under the Sonalika brand name has recorded a whopping 41.6 per cent growth in sales. The company has recorded the highest growth in sales in the entire industry.
Meanwhile, Escorts saw the sales of its tractors cross the one lakh mark for the first time.
As per M&M's president for the farm equipment sector, Hemant Sikka, the demand for tractors is set to continue with the momentum with the ongoing rabi season progressing well and the beginning of sowing for summer crops in select markets.
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