Project report for Agriculture tools manufacturing

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Introduction

India is an agrarian economy, with over 50% of the population dependent on agriculture for their livelihood. As of 2019, agriculture and its allied sector accounted for ~16% of India's gross domestic product (GDP). The performance of this sector drives the prices and market demand for essential commodities. The accessibility, and quality of agricultural machinery positively impacts productivity and output of the farming sector.he Indian agricultural machinery market was valued at INR 498.04 Bn in 2018 and is expected to reach INR 901.41 Bn by 2024, expanding at a CAGR of ~10.70% during the 2019-2024 period. The industry experienced a sluggish growth initially, owing to the economic slowdown in the country. However, rise in the purchasing power, availability of better financing options, and growth of contract farming are expected to improve market revenue during the forecast period. The adoption of the sharing economy model and tech-driven start-ups is expected to revolutionize the agriculture machinery market in India. Labour shortage has been a major reason that has driven farmers towards farm mechanization. Large scale migration from rural to urban areas and a number of rural employment schemes have created a labour shortage in rural areas. For instance, the National Rural Employment Guarantee Agency (NREGA) has had in many places a ripple effect - labour shortage leading to farm mechanization.

 

Market potential & Strategy

India is still an agrarian economy ,a significant proportion of farmers in the country have already started moving from using animate sources to mechanical equipments to power their farming activities. Mechanical equipments for various farm operations like tillage, sowing, irrigation, plant protection and threshing, etc., are generally being used by the farming community. As a result of increasing farm mechanization trends, the agricultural equipment market has witnessed strong growth in the past few years. This market is currently being driven by a number of factors such as easy availability of credit, government incentives, increasing agricultural productivity, emergence of contract farming, increasing rural incomes, etc.In recent years, a number of banks and microfinance institutions have been set all across rural India. This has provided farmers an easy availability of credit to purchase farm machinery, also govt is providing varipus subsidy schemes ,awareness among farmers etc are very important forthe ggrowth of the market and India is now moving towards the mechansed farming to increase the yield and profitability.

 

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