Agricultural Equipment Market Analysis– Agriculture plays a dominant role in the economy. The rising demand of the agricultural production the current scenario signifies the extensive growth in the coming years. In India, agriculture is still being the major source of income for majority of the people. It is observed that India ranked at top worldwide in agriculture and accounted for the GDP. Therefore, Indian agricultural is exported to more than 120 countries primarily in the EU and the United States, Southeast Asia, Middle East and others. Agriculture is majorly exported in the developing countries and least developed nations whereas in developed countries agriculture is largely imported. However, the agricultural equipment is majorly exported through developed countries. According to the report analysis, Agricultural Equipment Market Analysis suggests that agriculture is contributing more in the development of economy and it increases the GDP of country in a significant manner.
In the past years the growth in the export of agricultural sector was declined but in the recent trend the share of agricultural export has grown significantly. However, technological development and the policies of government in India showcased higher growth in the market and it also leads to increase in the income of the farmers. Agriculture’s contribution to India’s economy enlarge beyond the rural economy and circumscribe many activities in manufacturing and service sectors. Moreover, the Ministry of Commerce & Industry is going to introduce an “Agriculture Export Policy” which mainly aim at doubling the agricultural exports from the country and integrating Indian Farmers and Agricultural Products to the global value chain. The (APEDA) Agricultural and Processed Food Products Export Development Authority frolic a significant role in expanding the export potential of Indian agricultural and food products and tapping India’s agricultural strengths efficiently. In addition, around 50% of total exports are contributed by agriculture sector.
In research, it is observed that the government of India is aiming to achieve USD 60 billion in agricultural exports by 2022. India is among the 15 leading exporters of agricultural products in the world. The government of India is working rigorously and they have launched several projects which lead the agricultural exports and can assist the agriculture sector more significantly. Around 285 new irrigation projects will be undertaken in 2018 to provide irrigation for millions of hectare of land. Moreover, according to the report analysis, agricultural equipment market Analysis suggests that with the development in the policies of the market and upgradation in the technology results the efficient growth in the market with the coming more schemes of improving water use efficiency. The significant role of agricultural exports is expanding the activities of agricultural sector along with opportunities of increasing number of employment and also diversifying agricultural operations. India has the capacity to export million tons of rice annually. In order to tap future potential, Indian exporters are involve to improve their processing and packaging facilities to meet international quality standard.
Rising competition in this market and new entrants are providing financial support to the agricultural market. Indian agriculture is set for a big leap forward in the forecasted period, with an infusion of capital and high quality entrepreneurial talent focused on scaling up innovations.
Corporate sector is also emerging in agriculture by accessing new market by infusing new technology. Therefore, this market is growing significantly with the more development and new entrants of investors also play significant role in this sector which further leads to acquire major share in the market.
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Ankur gupta, head marketing & communications