Domestic tractor sales decline 5% YoY in October due to uneven rains and last year’s high base

Tractor sales in India, a barometer for the rural economy, have declined for the second consecutive month, mainly due to irregular rainfall, a high base effect, and a delayed festive season. Manufacturers anticipate a sales rebound in November with the onset of Diwali. Despite the recent drop, tractor sales had seen continuous growth in recent years, reaching a record 944,000 units in FY23, a 12% YoY increase.