Tractor subsidy

Ans.

Close to 58 % of India’s population depends upon agriculture as their primary source of livelihood. India ranks second in the world when it comes to farm output, however, the Indian farmer is still beset with manual labour and high operational costs. This is where technology could be a gamechanger for farmers. Farm equipment such as tractors could play a vital role to help India achieve a target of doubling farm income by 2022.
Close to 6 to 7 lakh tractors are sold every year in India, making this the largest category of farm equipment. Today, India is not only the biggest manufacturer but also the biggest market in the world for tractors. The tractor market is growing at a compounded annual growth rate (CAGR) of 8 to 10 %. Tractor Loans are loans taken out by farmers or businessmen to buy new or pre-owned tractors.

   27-Feb-2021 |   Answer by: Pavan