However, this mindset of needbased spending saw a 27% growth in tractor sales last fiscal. “Reverse migration last year led to an increase in the size of the whole industry. People holding jobs in urban India started investing in farm mechanisation. They realised they need to invest in techniques to run their farms despite labour shortage,” says Ramesh Ramachandran, senior vice president, farming as a service, and head, farm sector strategy, Mahindra & Mahindra. The delayed harvest has rocked the boat a bit, he adds, but, there is optimism due to the way rabi sowing has started and the government’s recent fertiliser subsidy announcement.
Mahindra tractor dealer of Vidisha and the sarpanch of Maniakala village, Surendra Singh Raghuvanshi, says in the last few months, six families in the village have invested in electric scooters. They are not buying big brands, instead opting for locally assembled ones, which cost ₹60,000- 70,000, or half the price of branded electric scooters. Consumers are lapping them up as they find the sharp increase in fuel prices unsustainable. Jitendra Sahoo, who has a Sahara Evols dealership in Sanchi, claims to have sold 16 electric scooters in the last two months. “After charging for four hours it can be driven up to 70 kilometres. Consumers want to buy electric scooters for daily errands and conserve fuel for tractors and farm equipment,” he explains.
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December 07, 2021 at 10:33AM
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India’s consumption riddle - Fortune India
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