According to 6Wresearch, India Plough Market size is anticipated to register growth during 2020-26. The major aspects fuelling the plough market in the country are labor shortage, easy finance, rising income and a largely untapped market. For instance, In recent years, several banks and microfinance institutions have been set all over rural India. This has provided farmers with easy availability of credit to purchase farm machinery. Incentives in the form of subsidies, low import duties on agricultural machinery and easy financing schemes by the Indian government has also been a major driver of the market in India. Also, the National Rural Employment Guarantee Agency (NREGA) has had in many places a ripple effect - labour shortage leading to farm mechanization. The implementation of the NREGA scheme has reduced the inflow of seasonal migrant labourers from UP and Bihar to states such as Punjab and Haryana over the crucial sowing and transplantation season. As a result, the demand for agricultural equipment like ploughs and cultivators in these states has registered substantial growth.
Key Highlights of the Report:
- India Plough Market Outlook
- Market Size of India Plough Market, 2019
- Forecast of India Plough Market, 2026
- India Plough Import Export Trade Statistics
- Market Opportunity Assessment By Types
- Market Opportunity Assessment By Application
- India Plough Top Companies Market Share
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