Tractor wholesale volume may grow 15-17% this fiscal

Mumbai: Wholesale volume of tractors is expected to grow 15-17 per cent this fiscal as against an earlier estimate of 8-10 per cent, on the back of supportive factors, including GST reduction, which enhanced affordability for farmers, ICRA said on Friday.

This revision is based on the industry’s robust performance in recent months, including 30.1 per cent year-on-year growth in wholesale volumes for November this year and a cumulative growth of 19.2 per cent for the April-November period, it said.

The ratings agency attributed the improved outlook to a combination of supportive economic and regulatory factors that have strengthened demand fundamentals.

The revised forecast highlights a period of strong recovery and expansion for the tractor sector.