Despite the impact of COVID-19 second wave, tractor sales volume is expected to grow in 2021-22 in low mid-single digits of 3-6%, mainly on a higher base following the 27% growth seen in FY21, India Ratings and Research (Ind-Ra) said.
Tractor sales volume is likely to pick up from the second quarter of the ongoing fiscal as localised lockdowns and restrictions have been relaxed, the rating agency said in a statement.
“The macroeconomic tailwinds mostly remain intact for the rural economy, including the normal monsoon forecast, the expectation of a strong Kharif harvest, and improved rural income,” it said.
