The Farm Equipment Sector (FES) has registered better than expected growth during May despite the immense ongoing challenges. Domestic tractor sales actually grew by 2% to 24,017 units compared to 23,539 units in May last year.
Commenting on the remarkable performance, Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “The timely relaxation of the lockdown for the Agricultural sector helped ensure the speedy recovery of tractor demand during May.
In the near term, farmer sentiment is likely to remain positive due to several developments including robust Rabi crop production, higher procurement, good price realizations and the forecast of a normal monsoon that bodes well for a good Kharif crop. All of this, augurs well for tractor demand going forward.”
Chairman Anand Mahindra tweeted about Mahindra’s May tractor sales numbers saying “Economic recovery will be led by our farmers…’Back to basics’. Meanwhile, Dr. Pawan Goenka, Managing Director tweeted, “In the midst of all the gloom and doom in the economy, nice to see that the tractor industry had a small growth this May compared to May last year. May be Bharat will carry India.”
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