Tractor sales to pick up later this year: Escorts MD, Nikhil Nanda

MUMBAI: Tractor sales in India will pick up in the latter part of the year with the revival in monsoon rains boosting farm income and aiding festive season sales, said Nikhil Nanda, managing director of engineering and farm equipment maker Escorts Ltd.
From double-digit decline in sales until now, the industry's de-growth will moderate to mid-single digits by the end of the fiscal, he told ET over the phone.

Sales in the Indian tractor market, the world’s largest, declined by 14% in the four months to end-July, mainly due to a liquidity deficit, delayed onset of monsoon rains, and the consequent poor consumer sentiment.

Nanda said the current slowdown is also due to market correction after four years of robust growth.

Domestic tractor sales grew from about 490,000 units in FY16 to roughly 790,000 units in FY19.