Hemant sikka - Latest News Update, Information, Photos & Videos on Hemant sikka at Lokmat Times

New Delhi, Oct 21 The world's largest tractor manufacturer by volumes foresees a sustained growth in tractor off-take on the back of festive season along with recently introduced farm bill.Accordingly, auto major M&M's Farm Equipment Sector President Hemant Sikka predicts the farm bill to usher in higher income for farmers, thereby, allowing greater farm mechanisation levels."These reforms are positive, and we await on-ground execution of various elements of this bill to better realise its effectiveness," he told ."Higher productivity and better farm incomes being a paramount objective of this bill will improve the farmers ability to purchase a better class of equipment, ensuring optimal utilisation of resources, along with better management of crop lands," said Sikka.According to Sikka, farm mechanisation has seen a secular growth this year. "In certain states, where there was a huge dependence on migrant labourers, the Covid-related exodus resulted in acute spike in mechanisation," he said."In other states, where the dependence on migrant labourers were not as much, the demand for farm machinery was still there but not as acute."For instance, some state governments are incentivising farmers to go in for greater farm mechanisation, so as to maintain the agriculture sector's growth rate during the Covid era.Besides, Sikka noted that demand for higher HP tractors continues to grow."The overall industry has grown by around 12 per cent in H1 FY21, whereas the over 40HP segment industry has witnessed much higher growth at 27.4 per cent," explained Sikka."The contribution of over 40 HP segment in the industry has increased from 54.2 per cent to 61.7 per cent."Furthermore, he expects rural sentiments to remain positive and translate into robust demand for tractors as "we move into the festive period"."Concurrence of Kharif harvesting season and auspicious days of Navratri, Dussehra, Dhanteras and Diwali in October and November will support the demand trend."He pointed out that the MSP measure, bountiful monsoon along with healthy water reservoirs' levels has led to an accelerated pick-up in tractor sales, so much so, that the company is barely managing to meet the demand."Starting with single-digit growth in May followed by double-digit growth in all subsequent months, we witnessed healthy demand during the Kharif harvesting season," he said adding: "We are operating at the lowest inventory levels ever."Consequently, the demand supply mismatch has led to lower than usual inventory levels at the dealerships."We are trying to restore dealer inventory so that our channel partners are well equipped to cater to the festive demand," he said."Our factories continue to operate at peak or near peak capacity."( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Hemant SikkaFOLLOW

Hemant sikka, Latest News

Business :Shyam Global Technoventures Private Ltd (OEM - Mahindra & Mahindra Ltd - Powerol Gensets) inaugurated a new manufacturing facility in Pune

Shyam Global Technoventures Private Limited, Original Equipment Manufacturer (OEM) of Mahindra & Mahindra Ltd. Powerol Gensets expanded its operations by opening a new manufacturing facility in Pune on August 9, 2022, which was inaugurated by Hemant ...

International :Mahindra rolls-out 300,000 th tractor made at Telangana factory

Hyderabad, June 22 Mahindra Tractors on Wednesday rolled out its 300,000th tractor made at its tractor manufacturing facility ... ...

Business :Festive season, positive farm bill to fuel tractor sales growth, says M&M

New Delhi, Oct 21 The world's largest tractor manufacturer by volumes foresees a sustained growth in tractor off-take ... ...