Swaraj Tractors, a division of the Mahindra Group, on Monday launched a new range of tractors in the 40-50 horsepower (HP) category with a warranty of six years.
Hemant Sikka, president of the Farm Equipment Sector at Mahindra & Mahindra, said the Indian tractor industry is expected to observe low single-digit percentage growth in FY24.
He said that tractor sales in India are the largest in the world after China. About 1.7 million tractors were sold last year in the world (except China), and India's share was 945,000 units. "In the last five years, the compound annual growth rate (CAGR) for tractor sales in India has been 6.5 per cent, and we expect it to remain the same in the next five years," he added.
Sikka mentioned that even though there was a rainfall deficit in August this year, tractor sales in India went up year-on-year.
He said the company will offer a six-year warranty rather than a two-year warranty on its models to reinforce the customer's confidence that if he or she has a Swaraj tractor, nothing will happen to it.
Sikka said that about 60 per cent of the Indian tractor industry's sales come from the 40-50 HP segment, and that is why Swaraj is a major player in it. The five models launched by Swaraj on Monday are in this segment only.
"Prices start at Rs 6.9 lakh for 42 HP (31.3 kW) for the base variant and go up to Rs 9.95 lakh for 50 HP (37.2 kW) for the top-end model. To support farmers, Swaraj Tractors will also provide attractive financing options, ensuring easy access to the latest Swaraj tractor range," the company said in its press release.