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AgroSpectrum - AgroSpectrum India Feb 2025

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Farm Mechanisation Sector Aligns with Sustainability focused Self Reliance Farm productivity has been adversely hit by a ceaseless migration of rural population to cities for ‘better prospects’ in the recent past, more so than ever before. This has triggered a significant growth in the market for farm machinery, especially tractors and harvesting equipment, to boost productivity. In 2023, the agricultural machinery market in India was valued at Rs 1.13 trillion and is expected to reach Rs 1.66 trillion by FY2029, expanding at a compound annual growth rate (CAGR) of 6.69 per cent during the 2024 - 2029 period. Government initiatives, such as the Pradhan Mantri Kisan Samman Nidhi and subsidies for agricultural machinery purchases, are also encouraging farmers to adopt advanced technologies, further fuelling the growth of India's agricultural machinery market. Business models such as custom hiring and tractor ownership have been started to increase the deployment of farm machinery across the country. Startups are supporting farmers through the Farming-as-a-Service (FAAS) model. With the support of new technologies such as electric tractors (e-tractors), precision agriculture and custom hiring the farm mechanisation industry is moving towards transformation from traditional tractor production to sustainable and customer-centric tractors by 2030.

AgroSpectrum Description:

Agrospectrum is a B2B digital media platform catering to all sub-sectors and verticals of the agro business – from food grains to inputs, machinery, live-stock, fisheries to agro tourism. It regularly updates on latest news on Agri—business and analytical & informative articles targeted at agro industry and business leadership, key decision makers; R&D, policy makers, academia and farmers’ community leaders. The portal is devoted to agriculture related business and not farming activity. It neither informs nor guides the farmers on direct farming, but handles allied and peripheral areas of agriculture related activity called agriculture business.

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