CHANDIGARH: Pritika Auto Industries Limited, pioneer and among leading players in manufacturing world class auto components in India, has announced that the Company has received a prestigious order from TAFE to supply components for a Small Horse Power {HP} tractor. The initial order stands at 1,200 tons per annum.[the_ad id=”31605″]According to research and markets report ‘Low HP Tractor Market in India – Industry Outlook and Forecast 2019-2024’, the Indian low HP tractor market is estimated to produce volumes of over 10,19,000 units by 2024, growing at a CAGR of more than 6% during 2018-2024.
The Indian low HP tractor market is driven by the growing demand for agriculture equipment across the country. The implementation of subsidies on fertilizers, electricity, and fuel and the government implementing schemes such as Rashtriya Krishi Vikas Yojna and KCC will propel the growth of the Indian market.
Commenting on the recent development, Harpreet S. Nibber, Managing Director, Pritika Auto Industries Limited said: “We are very happy to announce that for a new tractor to be jointly developed by TAFE and Eicher we have been awarded an initial order of 1,200 tons per annum. This new order will be to supply components for small HP tractors to meet the growing demand. This marks a great achievement for us as we have been able to new orders from existing clients further strengthening our relationship with them. I thank the entire team of ‘Pritika’ for their untiring efforts, hard work, sincerity and high dedication to making this happen.”