India exported tractors worth $1.025 billion during the first nine months of the current financial year (April-December 2021), according to data released by the Commerce and Industry Ministry on Monday.

This represents an over 72% increase compared to the corresponding figure of $594 million during April-December 2013.

The major destination for export of tractors is USA (25.2 per cent), Nepal (7.3 per cent), Bangladesh (6.5 per cent), Thailand (5.4 per cent) and Sri Lanka (5.3 per cent), the official figures show.

The Economic Survey 2017-18 stated that Indian tractor industries have emerged as the largest in the world and account for about one-third of total global tractor production.

Budget 2022 proposed to gradually phase out the concessional rates in capital goods and project imports. This is another step towards creating level playing field for domestic manufacturers and capacity creation in the sector which includes tractors