Tractor sales in India, a proxy for rural economic health, have seen a steep decline in key states in the west and south in the first 9 months of the fiscal year, dragging overall sales down 4% in the world s largest market for the equipment. This follows record growth in FY23.
Tractor sales in India, a key indicator of rural economic health, have dropped by 4% in the first nine months of the fiscal year. States like Maharashtra, Karnataka, and Telangana experienced significant declines, attributed to erratic weather conditions and lower agricultural output. However, Uttar Pradesh saw a 6% increase in tractor sales, but it couldn t offset the declines in other states.
Tractor sales in India, a key indicator of rural economic health, have dropped by 4% in the first nine months of the fiscal year. States like Maharashtra, Karnataka, and Telangana experienced significant declines, attributed to erratic weather conditions and lower agricultural output. However, Uttar Pradesh saw a 6% increase in tractor sales, but it couldn t offset the declines in other states.
Economists say most indicators remain elevated but there are signs of growth slowing. "India s manufacturing sector generated substantial growth in October, despite a challenging global economic environment," said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.
Indias goods and services tax (GST) revenue rose 13% in October to ₹1.72 lakh crore, the second highest monthly collection since the levy was rolled out in July 2017, riding robust festive demand and improved compliance.