Slowdown in the tractor industry continues as sales declined to just over 15,000 units during the first half of the current fiscal, a significant drop of 40pc when compared with the same period of last fiscal.
According to data released by the
'The downturn in the tractor industry is becoming alarming as we enter the new decade,' said
Hussain said that numerous factors have contributed to the massive slowdown, including the current state of the economy, farmer's yield and crop prices, inflation and high borrowing rates etc.
'The backbone of the tractor industry is its 200+ vendors who employ over 10,000 skilled and unskilled workforce. In this situation, they are about to collapse owing to either no or extremely low orders from the tractor industry, and we are in no position to provide them with any hope of short-term improvements owing to uncertainties,' he stated.
Therefore, he continued, there was a dire need for the government to take note of the situation and provide some relief and breathing space to the industry for its partial revival.
'But in a situation where the industry's profitability has shrunk visibly, coupled with the depressed affordability of the farmers (end users), the government in
He said the government should consider that tractor sales were primarily agro-based and should not be treated or clubbed together with any other segment other than agriculture.
© Pakistan Press International, source