In this episode of the State of the Economy podcast, businessline’s S Ronendra Singh discusses the tractor market in India with Gaurav Saxena, Director & CEO – International Business at International Tractors Limited.
In September, the retail sales of tractors in the domestic market experienced a 10% year-on-year decline to 54,492 units, compared to 60,321 units in September 2022. However, the market displayed 14 per cent year-on-year growth in the first half of the current fiscal year, reaching 444,340 units, up from 389,850 units during the same April-September period in the previous year. Despite the recent slowdown, tractor sales have contributed to the overall growth of the Indian automobile industry.
This performance not only signals strong market demand but also fosters a positive sentiment in the domestic tractor market, especially during the festive season. In contrast, export markets have witnessed declining sales over the last six months of the current fiscal year, with companies like Mahindra and Mahindra and Escorts Kubota facing a 35% year-on-year drop in sales.
International Tractors Limited, based in Hoshiarpur, has emerged as the top exporter, shipping 17,004 units during the April-September period. The company aims to double its exports in the coming years, targeting 1 lakh units by 2030. It also aspires to become the number one tractor company in 25 countries by the same year.
Regarding the domestic market, key regions such as Bihar, Madhya Pradesh,…
