Project Report For Agriculture Machinery
Project report for Agriculture Machinery is as follows.
Over half of India’s population lives off the land, making it a predominantly agricultural economy. As of 2019, India’s gross domestic product (GDP) was a whopping —16 percent of the country’s total output (GDP). The success of this industry influences the price and demand for crucial goods. An increase in agricultural machinery’s accessibility and quality has a favorable effect on farming productivity and production. From 2018 to 2024, the Indian agricultural machinery market is predicted to grow at a CAGR of —10.70 percent, from INR 498.04 billion in 2018 to INR 901.41 billion in 2024.
The country’s economic slump had a negative impact on the industry’s early growth. Increased buying power, the availability of improved financing alternatives, and the increase of contract farming are likely to boost market revenue throughout the projection period. The agricultural machinery industry in India is likely to undergo significant change due to the adoption of the sharing economy model and technologically-driven start-ups. In the face of labor scarcity, farmers have turned to the mechanization of their farms. Large-scale migration from rural to urban regions and various rural employment programs. As a result of the National Rural Employment Guarantee Agency (NREGA), farm mechanization has increased in several areas.
Market potential & Strategy
Despite its status as an agricultural economy, many Indian farmers have already transitioned to employing mechanical equipment to power their farming activities. The agricultural community uses mechanical equipment for farm tasks, including tillage, sowing, irrigation, plant protection, and threshing. The agricultural equipment industry has increased in recent years as a result of rising farm automation tendencies.
A variety of reasons are now driving this sector, such as easy access to financing, government incentives, growing agricultural production, the growth of contract farming, and rising rural incomes. Many banks and microfinance organizations have sprung up across rural India in the last few years. Additionally, the government is giving a variety of subsidies for farmers to encourage them to invest in agricultural machinery. This has resulted in an easier availability of loans and a greater focus on mechanized farming in India.
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