India net exporter of agri-machinery equipment to some advanced countries: EEPC

By: |
November 23, 2020 3:30 PM

"India's export of agricultural machinery during 2Ol9 -2O was USD 1024.58 million witnessing a positive trade balance of USD 708.3 million," the EEPC said in the statement quoting Minister of state for Agriculture and Farmers Welfare, Parshottam Rupala.

During April-November 2020-21, exports dropped by 17.76 per cent to USD 173.66 billion, while imports contracted by 33.55 per cent to USD 215.69 billion.During April-November 2020-21, exports dropped by 17.76 per cent to USD 173.66 billion, while imports contracted by 33.55 per cent to USD 215.69 billion.

India has emerged as a net exporter of agri-machinery to some of the advanced countries like the US, the UK, Germany and Italy, an engineering export body said on Monday. Engineering Export Promotion Council (EEPC) India vice chairman Arun Garodia said in a statement, tractors are the largest component of the agri-machinery exports from the country, accounting for 66 per cent of the shipments.

“India’s export of agricultural machinery during 2Ol9 -2O was USD 1024.58 million witnessing a positive trade balance of USD 708.3 million,” the EEPC said in the statement quoting Minister of state for Agriculture and Farmers Welfare, Parshottam Rupala.

The global agriculture equipment market is projected to reach USD 279.5 billion by 2025, growing at a compound annual groth rate (CAGR) of 6.5 per cent from 2018 to 2025.

India exported USD 782.93 million worth of agri machinery to the UK, North America, Eastern Europe, EU, Africa, ASEAN and SAARC during 2019-20, accounting for 76.41 per cent of such exports, the statement said.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Rising fuel prices- Small is big: How the ‘Chhotu’ LPG cylinder became a bestseller
2WTO defers ministers’ meet
3Govt plans further cut in compliance burden: Piyush Goyal