Covid-19 has impacted the Indian Economy across all industries, forcing many companies to shutdown / cut costs.
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Mahindra and Mahindra Farm Equipment Sector claims to have sold 24,341 tractor units in the month of May.
However, the company had reported sales of more than 4,000 tractors in the month of April as well.
The surge in tractor sales can be traced to the fact that the IMD is giving out a normal monsoon prediction.
The government is keeping close tabs on foreign direct investment (FDI) and portfolio flows from neighbouring countries, especially China. At the same time, it is in talks with over 600 global investors for possible investment in the country, commerce and industry minister Piyush Goyal has said.
Suvodeep Rakshit, an analyst at Kotak Institutional Equities in Mumbai, estimates the shortfall could reach 7.2% of gross domestic product in the year through March 2021. That would be the widest since 1991.
India’s manufacturing activity continued to shrink in May making firms cut staff numbers at the quickest pace since data collection began over 15 years.
As per the report, weak demand from international markets added to the deteriorating sales trend, with new business from abroad plunging further in May.
AS UNLOCK 1 kicks in, more than a third of self-employed and small and medium businesses do not see any grounds for recovery and are on the verge of winding up, according to a survey by All India Manufacturers’ Association (AIMO) in partnership with nine other industry bodies.
Maruti sold a total of 18,539 units in the month of May. This included 13,865 units in the domestic markets and 23 units to other OEM.
Maruti, following government regulations and guidelines, resumed operations at its Manesar facility on May 12 and at Gurugram on May 18. Production also resumed at Suzuki Motor Gujarat Pvt Limited (SMG) from May 25th 2020.