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.