Agricultural Machinery Market Will Rise Due To Rural Development through Agro-Mechanization
The Indian farming sector is reliant to a great extent on agricultural equipment, since it helps in increasing productivity, at reduced costs, with lower human and animal effort. Some of the common agricultural machinery used in India includes cultivators, tractors, and planters mowing tools. The central government of India has proposed several initiatives focusing on 'on-farm mechanizations', which are aiding the penetration of advanced machinery in the agricultural sector of the country. Market insights: The Indian agricultural machinery market was valued at INR 575 Bn in 2017, and is expected to expand at a compound annual growth rate (CAGR) of ~6.40% from 2018 to 2023. Frequent innovations in the designs and functions of agricultural equipment are the major driving force of the industry. After the implementation of the goods and services tax (GST), agricultural equipment like tractors and drip irrigators were put under the 12% tax slab, and agricultural implemen...