India Agricultural Tractor Market – Key Highlights
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Indian Government Initiatives Boosting Growth
India remains a highly lucrative tractor market because of the decreasing availability of farm labor and the rise of innovative business models, such as custom hiring solutions for tractors. In India, under the mechanization component of the macro-management scheme of agriculture by the Indian government, there is a provision of subsidy for promoting agricultural mechanization, including 25% of the cost limited to INR 30,000 for buying tractors of up to 35 PTO HP. Thus, with the rising government support for enhancing farm mechanizations and expansion in crop production, the sale of agriculture tractors is anticipated to rise in the upcoming years.
Easy availability of credit to farmers is made possible through many financial institutions, and these are led by favorable government policies and subsidy programs. Various loan schemes, easy breakdown of installments as per crop cycles, and low-interest rate plans generate funding for mechanization. As per NABARD norms, any farmer with 8 acres of land can take a tractor loan to be paid over nine years, with 12.5% interest over the principal amount. Various concessions from the Indian government, like exemption of excise duty for tractors less than 1800 cc of capacity, have helped small farmers purchase the machine. In order to offer loans to a higher number of small and marginal farmers, the government has also reduced the minimum land holding from 10 acres to 4 acres over the years, and the credit period has been increased from 7 to 9 years.
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Recent Developments in the India Agricultural Tractor Market
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Mordor Intelligence has segmented the India Agricultural Tractor Market based on engine power, drive type, and application:
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