Assignment of International Trade Research

Final project on Landini Agro Tractors

Exporting Landini Agro Tractors from Italy to India And Pakistan

Submitted to: Submitted by: Nicole Curling Navjot Singh (000283888)

Hardip Singh (000280424)

Serial No. 1.

Contents

Page No.

Executive Summary

2.

History

3.

Objectives of Study

4.

Research Plan

5.

Data Collection

6.

Market Intelligence

7.

Logic and Data Intelligence

12

8.

Competitive Intelligence

16

9.

Conclusion

20

10.

Action Plan

21

Executive Summary
Landini Agro Tractors Company is one of the well-established tractor companies in Italy and produce tractors with efficient British Diesel Engines. The company was established in 1884 by Giovanni Landini1. The production of first Landini tractor was begin in Italy and afterwards it expanded their company worldwide such as in Australia, US, Spain, Germany, South Africa etc. We are going to launch Landini Agro Tractors from Italy to India and Pakistan as both the markets are strong enough to accept our product. In the tractor market of both the countries has many competitors such as John Deere, Massy Ferguson, Sonalika, New Holland, Mahindra & Mahindra, Fiat Tractors (Al-Ghazi tractors ltd), Millat tractor ltd etc. The Landini agro Tractor Company is rapidly improving their technology by making changes in their engines. Recently Landini make innovation at SIMA 2011 by introducing 5-H series and ultra-specialised REX-120 series. Our tractors have many advanced features as compared to our competitors. Landini Agro Tractors has more fuel efficiency and it can be use for multi-purpose on field. We will use primary as well as secondary data for our research such as direct interviews, information from existing agents in the market, official websites of other
1

http://www.argotractors.com/landini/BrandHome/en/50/Landini.aspx

companies, business magazines etc. As we know India and Pakistan are agricultural based countries. There would always a need for better and advanced agricultural equipments to improve their productivity. If the company will work like this efficiently it will capture the both new markets i.e. India and Pakistan.

History
Landini tractors were established by Giovanni Landini in 1884 to produce agricultural equipments. The company has its headquarter in Fabbrico, Italy. In 1925 the Landini had started production of the tractors. After the death of Giovanni his son took over the company and saw the completion of the tractor project.2 In 1925, the first authentic Italian tractor was made by the company with 30HP machine. This innovation got success and built the milestone for the further production of new range of tractors with 40 and 50 HP models in the mid-1930s. The first tractors produced by the company were the semi diesel engine tractors with 40HP, two strokes single cylinder unit till 1957. In 1959, the company produced Landini crawler tractor i.e. C35 and the company was totally acquired by Massey Ferguson. In 1980 the company diversified its range of products and specialised their tractors with new technologies. In 1986 the company launched Vineyard tractors. The company also redesigned there series of tractors to 60, 70 and 80 series.

http://www.argotractors.com/landini/brand_page/en/5692/Our_History.aspx

In 1989 the company became a part of AGRO Spa as Massey Ferguson. Massey itself as bought 66% by AGCO in 1994, when AGRO purchased more shares of Landini that year. The final 9% of Landini that was owned by AGCO was bought by AGRO in 2000. After that the company started supplying some tractors to AGCO under a built supply agreement.

Objectives of study
Agriculture economyAs we know that India and Pakistan are agriculture

producing countries thats why ii is obvious that this tractor will definitely get success due to its advanced technology. Best mileage in its segment- Another plus point is mileage. It has very good mileage because diesel prices are going high day by day and it will help an agriculturalist to save their somewhat money. Multipurpose- This tractor is made for multipurpose uses. It will use in ploughing as well as so many other purpose such as lifting and shifting of the material present in farms, will used in levelling of field which will cut the cost of agriculturist. Geographical condition- The geographical conditions of both countries are almost similar. Both countries are having plain area in which this tractor will help in agriculture.

Research Plan

Swot analysis: It is a tool which gives us information about STRENGTHS,

WEAKNESSES, OPPORTUNITIES and THREATS of a organisation. The SWOT analysis helps an organisation for reviewing strategy, position and business preposition.3 This analysis is for both importing countries i.e. India & Pakistan Strengths: 1. Agricultural prospects. 2. Growing economies. 3. Demand enhancement (Agricultural Equipments). 4. Sound relation with exporting countries. Weaknesses: 1. Legal and Political issues such as 2. Unawareness about the usage of modern technology available. 3. Insecure investment in Pakistan. 4. Manufacturing capabilities are not enough in the Pakistan market Opportunities: 1. Engines with advanced technology. 2. Less fuel consumption. 3. Low maintenance cost. 4. Competitive prices. Threats: 1. Competition with JOHN DEER, SONALIKA, NEW HOLLAND, MAHINDRA and SWARAJ TRACTORS. 2. Legal issues such as corruption, licensing etc.

www.businessball.com http://pakbizjournal.wordpress.com/category/pakistan/

Data Collection Primary data:

Primary data is the data which is collected for the very first time by the researcher. In this, the information is collected from primary sources such as surveys focused groups, interviews, observation, motivation and the attitudes of respondents. Primary data includes awareness, opinions as well as intentions of the respondent. Primary sources give us raw data that the researchers use initially to do the research.4 The four basic methods of collecting primary data are: Field Research Content Analysis Survey Research Experiments

Other methods of gathering primary data are historical background research, statistic analysis & so many forms of observations. Our Landini Agro Tractor Company will use information by getting feedback through questionnaires, personal observation and we will also get information from some existing agents in this field.

Secondary Data:
Secondary sources are those sources which have used in primary data to solve research problems. The researcher uses this data to resolve their problems. It is different from the primary data. It is less costly and less time consuming than collection of primary data. Secondary data may not be an updated data and it cannot tell us about the current and appropriate market scenario. This data can be collected from internet, magazines, libraries and newspapers. Secondary data can be used internally as well as externally for an organisation in any research.5

http://www.citeman.com/3929-primary-and-secondary-data-2-html http://grammar.about.com/od/rs/g/secsourceterm.htm

http://grammar.about.com/od/rs/g/secsourceterm.htm

We will use secondary data to collect the information regarding our product such as official websites of existing Tractors Company in India and Pakistan, embassies of both countries; business magazine and we will also gather knowledge by referring the trade commission of both countries. Market: - In our project we are focusing on the agro marketing in India as well as Pakistan. We should know about the present scenario of agricultural market from which we collected the information about the requirements of the farmers (users). 6 Competition in both the markets India and Pakistan is very similar to each other. In both markets there are so many brands of tractors like Massy Ferguson MF tractors, FIAT New Holland NH tractors, Farmtrac tractors, Sonalika tractors etc. Consumer: As we know India and Pakistan have agricultural aspects and are agriculture producing countries that the reason we are taking Landini Agro Tractors from Italy to both countries. The Landini tractors are multi-functioning and the customers (farmers) will definitely like these tractors.7 These tractors can also be used elevator, small pick up and obviously other agricultural works like ploughing, levelling, sowing etc. Competition: Apart from the advanced and new features, it can bear the competition.8 In both the markets that are INDIA and PAKISTAN there are so many leading tractors companies but the main competition is from John Deere, Sonalika, New Holland and Mahindra tractors.

Market Intelligence
Market Intelligence is required to know about the market trends, prospective customer, prospective demand, geography and climate, economic and political issues, various factors affecting the market and product etc.

Economic Conditions
6 7

http://www.pakissan.com/english/agri.overview/millat.tractors.limited.shtml http://pakbizjournal.wordpress.com/category/pakistan/ For India http://www.reportbuyer.com/automotive/commercial_vehicles/trucks/indian_tractor_market.html 8 http://www.mahindra.com/news/press-releases/1293708476

Economic condition of a country means status of a countrys financial position at a specific period of time. It also includes analysis of unemployment rates, stock market data, and GDP information. India: Indian economy has been expanding at a great pace along with China, Russia and Brazil. It is now becoming a cost effective and labour intensive economy by outsourcing work from developed countries. In India, the economy growth was recorded 9.1% recently. Indian agricultural production contributes approximately

17% and industrial sector 29% in total GDP. Most of the Indian people depend on agriculture sector. The Landini Tractors would be able to utilise the resources effectively, which are available in economy for better performance and services.9 Pakistan: Pakistan has a semi-industralise economy which mainly focuses on textile, agriculture, chemical and other industries. Pakistan contributes to GDP near about US $167 billion which make it 48th largest economy in the world. Pakistans economy is the 2nd largest economy in the South Asia. Pakistans GDP in 2005, the World Bank named as one of the top reformers globally. Pakistans agriculture produce contribute about 22% towards the GDP. Inflation rate is at boon in Pakistan which is the biggest threat to the economy. In 2008, it reached to 25%. The Landini Tractors would use the resources effectively because most of the population rely on agriculture and they want new innovation in agriculture instruments.10

Political and Legal Issues

India: In every business political effect is highly considered. India has highly democratic environment differentiated in various sections according to caste, culture, language

http://www.economywatch.com/economic-conditions/india.html http://www.articles.eezzi.com/economics/76-the-economy-of-pakistan-2011.html

10

and religion etc. Corruption is the major problem in the Indian economy but the Indian government tries to enhance foreign direct investment by removing the hindrances like uncertain regulation, critical infrastructure deficit, and provessive corruption.11 The political obligation in any business is low in India; the government is stable to attract more new FDI (Foreign Direct Investment) to develop their economy .Pakistan: Pakistans government is a federal republic, the system of government is in which state plans and controls the economy is authoritarian. In the union compact between state, province and territory that create central government with limited power confederation. Some of the areas are under dictatorship; the legal system is common low system under Islamic influence. The legislative branch consists of embassy and bicameral parliament.

Geographical and Climate Conditions

India: Indias geographical structure is very vast; it includes mountains, ocean, forest, plain and hills all over the country. It has coastline of over 4,300 miles. India is bounded in South West by Arabian and in the South East by Bay of Bengal. This link would be helpful for effective transport via sea. Pakistan is one of the native countries of India. India has tropical weather which makes its climate unpredictable. In the most part of the country climates are different at different times like in Northern part climate brittle cold as compared to Southern part. Indian climate and geographical structure ease cultivation and farming practices which are suitable for boosting up of demand of tractors. Pakistan: Pakistan has distinguished geographical conditions linked to the Indian Ocean through the Arabian Sea and situated much closer to the Persian Gulf. In east it

11

http://www.indiastrategy.com/polrisk.htm

10

meets with China and in South India is situated with the ninth largest population in the world. The country has a vast market of 140 million of people. Iran and Afghanistan are also native boundaries to Pakistan.12 Pakistan has dry, cool, hot, and wet climate conditions. The country is essential arid except for the Southern slopes of Himalaya and rainfall differ between 760 and 1270 mm. The climate differs from place to place like some tropical location of Pakistan temperature is high, in oceanic influence of Arabian Ocean temperature is down. The monsoon wind brings rainfall in summer.

Distribution Channels
Distribution channel means a channel through which products are transferred from producer/vendor to consumer.13 It may be short i.e. from producer to customer or it may include many intermediators such as wholesaler, agents, distributors etc. Distribution channels are divided in different categories:1. Producer Customer 2. Producer Retailer Customer 3. Producer- Agent Retailer Customer In both countries railways and roads are the main mode of transport. For our product we will use waterways to export Landini Tractors from Italy to India and Pakistan. In India there are ports namely Chennai, Jawaharlal Lal Nehru port, Kandla port Gujarat, Sikka, Calcutta, etc and in Pakistan Jinna international port, Karachi port is the major port of Pakistan. We will also use local transport to move our tractors from one place to other within the country.

Forces affecting the market: -

12

http://ezinearticles.com/?Geography-and-Climate-of-Pakistan&id=885072 http://business.gov.in/manage_business/channels_distribution.php

13

11

Competition: -

There are so many factors affecting Indian market in term of trade

like competition. Many other tractor companies are running in India such as New Holland, Mahindra, Sawraj, John Dheere, Sonalika etc., which have a great hold on the Indian market. Government policies: - We should design our product according to the government rules and regulation, which are presently running in the desired market. Taxation: - There is different variation on the import duty from product to product. Government implies various duties like import custom, tariff, etc, which will affect the cost of our product. Marketing: - we have to analysis whole market in the country to gather knowledge about our competitors and their marketing strategies, how they are penetrating the market, which part of the market they are targeting etc. Purchasing power of consumer: - We are exporting Landini tractor from Italy to India and Pakistan, our target consumer is farmer. We should know the purchasing power of consumer and their wants regarding the product (Tractor) Attitude of foreign investment: - The foreign investments are willing to invest in Indian market and established their business. The foreign direct investment is encouraged by India government for the growth and development of economy. It would be easier for the Landini to establish their business. Product Specific Data The Landini tractor is the most technologically advanced tractor. It is different from all other available tractor in India by its features and advance technology. The tractor is made for multipurpose uses. It can plough as well as lift and shift the material in farms. It can also be used in levelling of field, which will cut the cost of farmer (levelling). The major plus point is its mileage and low maintenance cost. The tractor has very good mileage w.r.t to tractors in its competition.

Logic and Data Analysis

12

By doing whole analysis of collected data we come to know about the both countries economic conditions, market, customers, distribution channels etc. Both economies are growing and highly indulge in agriculture. The great part of GDP is contributed by the agricultural produce. They require advanced agricultural equipments to enhance agriculture standard. In Pakistan there is a low risk of safe investment because of political instability and government do not provide security to FDIs. In India government policies are the better as compare to Pakistan. Indian government encourage the foreign direct investment.

Market Trend
India: - Today in the current market farmers want tractors of power segment 31HP to 40HP. In the last few years substantial has been observed to 41HP to 60HP segments because of better and new technology provided by multinational and global tractor manufacturer at competitive price.14 In past time Punjab Haryana and Uttar Pradesh are the main sates for the tractor market. But now Madhya Pradesh, Andhra Pradesh, Tamilnadu, Maharashtra, and Gujarat states are merging as new market. In India there is boom in logistics business which require mechanical instruments like crane, lifter etc.Our Landini tractors have various models which works as loader, crane etc. like Trekker f/m, rex Plat, 44 series(cab) etc. Pakistan: - Apart from the other sector of automotive, Pakistan tractor industry is also growing. During 2009-2010 over 70,000 tractors are produced by tractor manufacturer. There are many favourable factors that enhance tractor market like mechanisation trend in agriculture, tax exemption for tractor industry, occasion subsidies schemes by government. The demand of tractor in Pakistan market is high

14

http://www.indianjournals.com/ijor.aspx?target=ijor:aet&volume=32&issue=1&article=004(market

13

i.e. about 13,000 tractors had to e imported in 2009-10. Massy Ferguson is the main competitors which hold the most share in the market.15

Demographic conditions:India: -16 Population: - 1,189,172,906 Age structure: - 0-14 years - 29.7% 15-64 years 64.9% 65 years and over 5.5% Median age: - 26.2 years Population growth rate: - 1.344% (2011 EST.) Urbanisation: - Urban population: 30% of total population Rate of urbanisation: 2.4% annual rate of exchange Sex ratio: Total 1.08 male(s)/females (2011 est.) Ethnic group:- Indo-Aryan 72%, Dravidian 25%, Mongoloid and other 3% Religions:- Hindu 80.5%,Muslim 13.4%, Christian 2.3%, Sikh 1.9%, other 1.8% Languages:- Hindi 415, Bengali 8%, Tamil 5.9%, Urdu 5%, Guajarati 4.5%, Panjabi 2.8% etc. Total literacy: - 61% Education expenditure: - 3.1% of GDP GDP (real growth):- 10.4%

15

http://www.globaltrade.net/f/market-research/text/Pakistan/Non-Automobile-Transport-EquipmentMotorcycles-Study-on-Automotive-Sector.html 16 http://www.indexmundi.com/india/

14

Unemployment: - 10% Inflation rate: - 12% Industrial production and growth rate: - 9.7% Total exports: - $2.25 billion, Total imports:- $360 billion Pakistan: -17 Population: - 187,342,721 Age structure: - 0-14 years 35.4% 15- 64 years -60.4% 65 years and over 4.2% Median age Total: 21.6% Population growth rate: - 1.573% Urbanisation: - Urban population: 36% of total population Rate of urbanisation: 3.1% annual rate of change Sex ratio: - Total: 1.07 male(s)/ female (2011 est.) Ethnic groups:- Panjabi 44.68%, Pashtun 15.42%, Sindhi 1401%, Sariaki 8.38%, Balochi 3.57%, other 6.28% Religions: - Muslim 95%, other (includes Christian and Hindu) 5% Languages:- Punjabi 48%, Sindhi 12%, Siraiki 10%, Urdu 8%, Balochi 3%, etc. Literacy: - 49.9% GDP (real growth):- 4.8% Unemployment: - 15.4%
17

http://www.indexmundi.com/pakistan/demographics_profile.html

15

Inflation rate: - 13.9% Industrial production and growth rate:- 4.6% Total export: - $22 billion, Total imports: - 33 billion

Economic Analysis
The Indian economy is growing at 7% upward inflation rate is also increase in India. India is a largest tractors manufacturer in the world.18 The importing tariffs have been reduced from 30% to 8% which is the main thing to be considered. India has stable economic policies and agriculture equipment are growing in demand but due to lack of technology we are sure that the Landini Tractor can boost the revolution among the tractors. Whereas in Pakistan has good strategy about the transaction of currency. It can be beneficial for importer or exporter. There is too much inflation and things are very expensive. Pakistan government has very bad budget because people cannot pay the taxes.19 It is developing country and there resources are not enough to establish new technology. Pakistan basically relies on agriculture products such as Rice, cotton, sugarcane etc. therefore Landini tractor can help them to increase their economic strength.

Competitive Intelligence
India Characteristics of market:The Tractor market in India is very wide and open as agriculture has played a major contribution to the Indian GDP. In India new tractors are manufactured by various tractor companies as compare to earlier time in which tractors were only brought to the country through imports from foreign countries. Currently there are 14 main players in the industry like Mahindra &Mahindra, Sonalika, and Massey Ferguson etc. Recently there has been good growth recorded in the tractor industry in India for
18 19

http://trak.in/Tags/Business/economic-analysis-of-india/ http://www.mkeever.com/pakistan.html

16

both domestic as well as export market. Today government is also taking initiative in the agriculture machinery industry. As features of all tractors are very similar and there is not much difference in the price of tractors, the tractor penetration level is very low in India as compared to the world standard. The northern region is differentiated in term of new tractor sales. The southern region is still below the penetration level. The fastest growing sectors are tractors with 31 to 40HP. The trends are analysis in depth for various segments like small tractors, mid size and large tractors. Different regions and segments are appropriately associated with the relevant product and companies.20

Description

Units

World total/average

India

Rank

Arable land Irrigation area Tractor industry

Mn Hectare Mn Hectare

14444 2496

170 45.8 10.5

2 2 8

Tractors/000Hectares 28

Competitors and their position:In the India tractor market there are so many international tractor companies namely John Deere, Mahindra & Mahindra, New Holland, Sonalika International Tractors ltd and Ford Tractors etc.21

20

http://www.researchandmarkets.com/research/d5e163/indian_tractor_ind
http://en.wikipedia.org/wiki/Tractors_in_India#Current_Manufacturers_of_Tractors_in_India

21

source: Indian Automotive Association (IAMA) 17

John Deere Private ltd manufactures tractors under the L&T-John Deere. It produces tractors in of 40, 42, 45, 50, 60, 75and 89HP for the domestic market and for export purpose they produce 55 to 75HP 5003 series tractors for the European market in 2009. The technology centre provides services in the areas of information technology, engineering, and supply management. The second main competitor is Mahindra &Mahindra, which acquires great share in India tractor market. It has two main manufacturing plants at Mumbai and Nagpur. It has great chain of dealer network of over 450 dealers. This company is largest exporter of India tractors to USA and West. M&M bought a control over 43% stakes in Sawraj tractors. The plant in China has a annual production of 12000 tractors. The New Holland is third main leader in the India tractor market acquired by Fiat. It has its plant in Noida, which produce 12000p.a tractors in the 35 to 75HP range. Fiat bought 70%of stakes holding of Case Corporation and made New Holland Global. This company also export built tractors to 51 countries. This the second largest tractor exporting company after John Deere. In 2009 it exported 25% share of total tractor export. Sonalika:-It is an international tractor company, which has main plant in Hoshiarpur Punjab, which produce grate range of tractor between 18HP to 90HP and it also has series of CERES brand between 60HP to 90HP. This company has collaboration with Renault Agricultural of France and YANMAR of Japan. Pakistan Characteristics of market:The economy of Pakistan is developing economy which attracts new comers for establishing new business there. Tractor industry of Pakistan has always shown a sustained growth even during the period of recession and faced foreign competition also. The Chairman Sikandar Mustafa Khan said that the cost of India and Chinese tractor hire than the locally produced units in Pakistan of same specification. The rates of India 50HP tractor is Rupees 250000 higher than any Pakistani tractor while

18

Chinese tractor is rupees 10000 more expensive he also said that the local tractor cannot compete international brands.22 Pakistan produced 57740 tractors in 200809. The two main manufacturer of the county are on target to roll out 65000 tractors this year. The tractor industry globally is on decline but Pakistani tractor industry copes up the recession comfortably in Pakistan even small landholding farmer can afford tractors so it can be easy for us to launch our product i.e. Landini Agro Tractor in Pakistan market. Competitors and their position:In the Pakistan tractor industry two Main leaders are Fiat tractors (Al-Ghazi tractors ltd) Millar tractor ltd

Fiat tractor (Al-Ghazi) has located in Dera Ghazi Khan, Punjab Pakistan. It manufacture Fiat tractor in collaboration with New Holland. All the controls are managed by AL-Futtaim group of Dubai. The Fiat tractor has two main models that are New Holland 480S and New Holland 640.the total market raved by the Fiat is 40.9%. The second main competitor is Millat Tractor ltd, which hold the 38.2% of tractor market share. It manufactures tractors under the licensing agreement of Massey Ferguson, UK Perkins engines.23 This Pakistani company has harmonies and successful business relation with the foreign partners. Currently the total population of MTL tractors exceeds 250000 while the total number of tractor in Pakistan is 500000.

Competitive forces in India and Pakistan:

It means the forces which has affect on our product. This could be the market trend, strategies of competitors pricing policies of competitors etc. these competitive forces could hinder our market entry to the specified market (India and Pakistan) The following competitor force which can affect our product:22 23

http://www.scci.net.pk/pdetail.php?eid=83&mid=32 http://www.pakissan.com/english/agri.overview/millat.tractors.limited.shtml

19

1. Substitute product in the same field 2. Purchasing power of buyers 3. Bargaining power of supplier 4. Threat of new entrance with advance technology 5. Political instability 6. No financial help provided by the Pakistan government

What can our organisation do to achieve competitive advantages in India and Pakistan:As we know our company will be new in both markets. We will have to get the proper knowledge about the market. There are many other competitors, who have a large share of the market and they have extensive information about the market as well as customer. To achieve the competitive advantage we can follow the following steps: We will use the utmost best level of technology than our competitors The tractor has best fuel efficiency, which will defiantly save some money of the farmer. It can be the best region to make our tractor popular. Our company will plan with some existing local firm to launch our tractor in India and Pakistan. Other tractors are mainly meant for just plugging but our tractors will have the additional feature of lifting and levelling including plugging, which will save time and give accurate results. In Pakistan we will penetrate the market with price penetration strategies because local tractor companies are providing the same specification tractor at a low price.

Conclusion
Both the markets of India and Pakistan are settled to accept our tractors. By collecting and evaluating the primary and secondary data we come to know about that India and Pakistan are the appropriate markets to introduce our product. After doing research, we come to know that both the countries are agriculture based

20

countries, needs of customer and all other aspects of countries such as political and legal issues, business environment etc. For a new entrant the biggest threat is the initial stage of launching the product. It can be only overcome by providing proper service department. The economies of both the countries are developing at very good pace which leads to increase in standard of living and purchasing power of the customer. This will help us to make our products acceptable in both markets. Therefore we should have a good innovative and focused market strategy to capture the both markets.

Action Plan
We are going to introduce our Landini Agro Tractors in India and Pakistan. Before entering into new market, we should have effective action plan to achieve the goals more efficiently. It will also help to expand our share in market and to gain goodwill and profitability. We are going to target the agriculture sector most because our product is tractor. We will use penetration market strategy to launch our tractor. In the initial introductory stage we will cover the most agricultural states in both the countries such as Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Lahore etc. it will ease our entry into the new market as in these states agricultural activities are most and these are major producers of agriculture products. The income level of these states is much higher than other states so people here can afford our product. Once we entered in these states, we will expand our market according to the demand of the customers.

21

Bibliography
http://www.argotractors.com/landini/BrandHome/en/50/Landini.aspx http://www.argotractors.com/landini/brand_page/en/5692/Our_History.aspx www.businessball.com http://pakbizjournal.wordpress.com/category/pakistan/ http://www.citeman.com/3929-primary-and-secondary-data-2-html http://grammar.about.com/od/rs/g/secsourceterm.htm http://grammar.about.com/od/rs/g/secsourceterm.htm http://www.pakissan.com/english/agri.overview/millat.tractors.limited.shtml http://pakbizjournal.wordpress.com/category/pakistan/ http://www.reportbuyer.com/automotive/commercial_vehicles/trucks/indian_tra ctor_market.html http://www.mahindra.com/news/press-releases/1293708476
22

http://www.economywatch.com/economic-conditions/india.html http://www.articles.eezzi.com/economics/76-the-economy-of-pakistan2011.html

http://www.indiastrategy.com/polrisk.htm http://ezinearticles.com/?Geography-and-Climate-of-Pakistan&id=885072 http://business.gov.in/manage_business/channels_distribution.php http://www.indianjournals.com/ijor.aspx?target=ijor:aet&volume=32&issue=1& article=004(market

http://www.globaltrade.net/f/market-research/text/Pakistan/Non-AutomobileTransport-Equipment-Motorcycles-Study-on-Automotive-Sector.html

http://www.indexmundi.com/india/ http://www.indexmundi.com/pakistan/demographics_profile.html http://trak.in/Tags/Business/economic-analysis-of-india/ http://www.mkeever.com/pakistan.html http://www.researchandmarkets.com/research/d5e163/indian_tractor_ind http://en.wikipedia.org/wiki/Tractors_in_India#Current_Manufacturers of Tractors_in_India

source: Indian Automotive Association (IAMA) http://www.scci.net.pk/pdetail.php?eid=83&mid=32 http://www.pakissan.com/english/agri.overview/millat.tractors.limited.shtml

23