Market Forecast By Types (Traditional Plough, Modern Plough, Specialist Plough), By Application (Farm, Individual Farming) And Competitive Landscape
According to 6Wresearch, the 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:
6Wresearch is the premier, one stop market intelligence and advisory center, known for its best in class business research and consulting activity. We provide industry research reports and consulting service across different industries and geographies which provide industry players an in-depth coverage and help them in decision making before investing or enter into a particular geography.
Contact Us: Phone: +911143024305 | Email Id: email@example.com