Agriculture sector: On the path of quick revival

After dull performance in last several months due to climatic change and economic disturbances, the Indian farming sector has shown strong signs of revival, which is close to India’s claim of achieving 4% growth in agriculture. The latest sales figures from the industry have proved that this industry is growing at a higher pace.

India’s largest farm equipment maker, Mahindra & Mahindra Ltd., claimed a 29 per cent growth in their tractor sales in March as compared to last year. Domestic sales in March 2017 were 17973 units as compared to 13931 units in March 2016. M&M had exported 1364 units, which grew by almost 82 per cent as compared to last year.

While its rival, Escort Agri Machinery has registered 31.7 per cent growth in domestic sales in March 2017. It has sold 7014 tractors in March. The company sold 14625 in this quarter, which includes 353 units of exports.

Government of India recently revamped the existing 10 year old Rashtriya Krishi Vikas Yojana to revolutionise farming in India, taking it to the next level. Under this scheme more emphasis will be laid on agricultural infrastructure development, and it will aid in private investment in the sector, across India, in next couple of years. This project of the government will take agricultural development to the next level.