Expectations of a bumper rabi crop harvest have helped turn the tide.
The Reserve Bank of India's (RBI's) Monetary Policy Committee kept the repo rate unchanged last week, noting that as rural demand catches up, consumption is expected to support economic growth in 2024-25. "Rural demand, which was lagging urban demand earlier, picked up since Q2 2023-24. This is also suggested by the performance of indicators, such as two-wheeler sales (30.3 per cent Y-o-Y growth during January-February), MGNREGA demand (9.8 per cent Y-o-Y decline during February-March 2024), and retail tractor sales (16.1 per cent Y-o-Y increase in January-February)," stated an RBI release.
Retail sales for tractors were 892,313 units in FY24, up 7.5 per cent Y-o-Y, according to data released by the Federation of Automobile Dealers Associations (Fada) on Monday.
Wholesales, however, are estimated to have slipped by around 5 percent Y-o-Y due to a slowdown in agricultural activities because of a delayed harvesting season and lower rabi sowing.
Mahindra & Mahindra (M&M), the market leader in tractors in India, said in mid-February that the year would end with around 900,000 units in overall sales compared to 945,000 units sold in 2022-23. M&M enjoys a 41.8 per cent share of India's tractor market, and ended the year with 364,526 units, down 6 per cent Y-o-Y.
Bu hikaye Business Standard dergisinin April 09, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin April 09, 2024 sayısından alınmıştır.
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