India has developed as a net agri-machinery exporter to some of the advanced countries such as the US, the UK, Germany and Italy, an export body of engineering said on Monday.
Mr. Arun Garodia, vice chairman of the Engineering Export Promotion Council (EEPC) India, said in a statement that tractors are the largest component of the country’s agri-machinery exports accounting for 66% of shipments.
“India’s export of agricultural machinery in 2019-20 was US$ 1024.58 million recording a positive trade balance of US$ 708.3 million,” the EEPC said in a statement citing Mr. Parshottam Rupala, Minister of State for Agriculture and Farmers’ Welfare.
The global demand for agricultural machinery is expected to hit US$ 279.5 billion by 2025, increasing from 2018 to 2025 at a compound annual growth rate (CAGR) of 6.5%.
India exported agri-machinery worth US$ 782.93 million to the United Kingdom, North America, Eastern Europe, the EU, Africa, ASEAN, and SAARC in 2019-2020, accounting for 76.41% of such exports, the statement said.
Source: IBEF
You may also like
-
Aule Space Reaches TRL-6 With Satellite Docking Technology as India’s Orbital-Servicing Ecosystem Expands
-
India Post Rolls Out Upgraded Dak MITRA and Dak Sewa Apps as Digital Modernisation Expands Nationwide
-
UPI Completes a Decade as India’s Digital Payment System Scales to 24,162 Crore Annual Transactions
-
TCS Secures €1.25-Billion Porsche Deal and Moves to Acquire German Technology Firm MHP for €320 Million
-
India’s Private Space Sector Enters Scale-Up Phase as Startups Target Monthly Launches, Orbital Servicing and Space Pharma
