Tractors have replaced traditional farming methods. While earlier it took manual labour to carry farming activities, now tractors make it easy to increase production with limited labour. Not only tractors but there are many different tools that are required for large-scale production. Among them, the tractor is indispensable since it finds application in not just one, but almost all activities like cultivating, ploughing, planting, fertilising, and even harvesting.
The tractor’s usability in every stage of farming has earned it the status of a second-best friend after the snail to a farmer. While there are many different ways to fund your tractor purchase, a tractor loan is the most economical of all the options. With affordable tractor loan interest rates, it becomes convenient to buy not just one, but many different tractors required for a multitude of purposes. The digital revolution in the country has made it easier to avail tractor finance online. A tractor loan online requires fewer documents increasing the pace of its sanctions. This article elaborates on five things you need to know about the Indian tractor market.
#1 Upgraded technology in the agricultural sector
The agricultural industry has seen a major change with regards to the use of technology. The limitations in production have been resolved using mechanised farming tools. One critical tool amongst it was the tractor. A tractor finds its application in not just one activity but across the agricultural process, which includes on and off the farmland activities. This helps speed up the operational process making logistics also simpler.
#2 Kisan schemes
To support the development of mechanised agriculture in the country, there are various schemes like Pradhan Mantri Kisan Maandhan Yojana, Pradhan Mantri Krishi Sinchayee Yojana, Kisan Credit Card Scheme, and many more. These schemes introduced by the Government boost the agricultural production within the country and provide support to finance ancillary farming equipment.
#3 Advancement in tractor technology
The government initiatives in addition to financial incentive for farmers help avail subsidies for purchasing farm equipment like a tractor, wagons, etc. This is further supported by leading tractor manufacturing companies that are driving innovation in the tractor market by introducing driverless tractor technology. Thus, with such innovation, the tractor market has a positive trend in years to come.
#4 Entrance of foreign competitors
Large global and domestic manufacturers dominate the Indian tractor market. With the entrance of these global players, production facilities are being set up within the country that helps in offering reliable and affordable tractors and other farm equipment. These international players also bring in innovation that further aid in increasing demand for them.
#5 Farm automation
The positive trend in the agricultural sector has seen development that leads to smart farming, which includes farm automation. As discussed above, the presence of foreign competitors drives up the innovation in farming technology that benefits the tractor market and other farming equipment sector.
These are some positive trends in the Indian tractor market. To finance these needs, a tractor loan is an effective way. Moreover, the requirement of tractor loan documents to finance this need is minimal, and you should make sure to thoroughly read the terms of the agreement.