The diverging outlook for India and global agriculture markets
Balkrishna Industries and UPL are reporting healthy demand in global markets while Escorts warned of growth moderation in India
May 18, 2021 / 09:59 AM IST
The rural sector was relatively less affected by COVID-19 in 2020. But the virulent second wave has caught everyone off-guard and it is weighing on companies' business expectations. Agriculture machinery manufacturer Escorts fears that the tractor industry growth may slow to mid-single digits (4-6 percent) in the current fiscal from an estimated 27-28 percent expansion in FY21.
Two-thirds of dealers are either closed or functioning at limited capacity, Escorts management told analysts. Unlike last year when infections peaked in September-October, COVID-19 this time is more severe...