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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.