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Veejay Nakra

President - Farm Equipment Business, Mahindra & Mahindra Limited

Search every verified Veejay Nakra interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Veejay Nakra, President of Mahindra & Mahindra's Farm Equipment Business, discussed the company's performance and industry trends in recent interviews. He attributed the recent growth in India's tractor industry to genuine demand driven by improved monsoon conditions and strong farmer sentiment, rather than channel restocking. Nakra noted that delayed sowing has narrowed the gap compared to the previous year to around 4%, and stated that the industry typically sees replacement demand accounting for roughly 30-35% of sales, with recent numbers largely driven by first-time buyers. He highlighted strong growth in key states such as Uttar Pradesh, Rajasthan, and Gujarat, which together contribute about 35-40% of the industry's volume. Regarding exports, Nakra described global markets as volatile, citing headwinds in major agricultural markets including North America, Brazil, and Turkey, where industry declines have occurred. He said Mahindra has gained market share in these regions despite the challenges, while noting substantial growth in Africa and South Asia, particularly in Algeria, Nepal, and Sri Lanka. Nakra maintained the company's outlook for mid-single-digit growth of around 5% for the year, while cautioning that the second quarter may be muted due to a shift in the festive season compared to the previous year.

Recent appearances

Notable quotes

“The objective was democratize technology, remove range anxiety, and that's what drove our strategy to say that we want to take the top end variant to market now. As we did that we also were mindful to say if we want to democratize this and get maximum customers to own it then we need to make it affordable even in terms of purchase and hence the pricing.”

“I always say India itself is a global market right which manufacturer is not here not only in automotive but in any category and those who are not there they wanting to be here. So anything we do Ramesh is designed and engineered for that global competition be it at home or if we take it abroad so in no way do we say oh we should design it this way because it's for here and it's for there they're designed with a comp”

“Our Endeavor for launching these products the way they are designed with the feature packs that we are offering fully loaded with features with the global quality at the wow price is our endeavor to make sure that we are able to disrupt the market bring scale to it and get volume.”

“Today in terms of the EV opportunity that is playing out India truly has an opportunity of making India for the world and hence I think it's very very important that the next 5 seven years the ecosystem needs to play out together that allows India to become a very very large player manufacturer and exporter of EVs out of India to become a truly Global Indian Auto to become a truly Global automotive industry.”

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