PM approves Rs8,500 as cotton support price
In a major step to facilitate cotton farmers, Prime Minister Shehbaz Sharif on Monday approved Rs8,500 per 40 kg as the support price of cotton.
He gave directive to present the matter to the Economic Coordination Committee (ECC) on priority. Chairing a meeting of the agricultural task force, the PM urged provinces to ensure the implementation of cotton price decision. He termed cotton the backbone of Pakistan’s textile sector and expressed confidence that the step would support farmers.
Highlighting the importance of cotton in earning foreign exchange, PM Shehbaz said the government would extend every possible assistance to provinces and steps were being taken to boost per-acre production of cotton.
He directed the Ministry of National Food Security and Research to finalise proposals for increasing cotton productivity. It was recalled in the meeting that last year cotton harvest had faced a significant reduction owing to widespread floods, heavy rains, shortage of canal irrigation water and fertiliser crisis.
This year, however, overall cotton production has been estimated at 12.77 million bales, which reflects a sharp growth over previous years, “as a result of policies of the government”.
Finance Minister Ishaq Dar, Commerce Minister Syed Naveed Qamar, National Food Security Minister Tariq Bashir Cheema, Caretaker Punjab Chief Minister Mohsin Raza Naqvi, Adviser to PM Ahad Cheema and other relevant officials were present in the meeting.
Published in The Express Tribune, March 14th, 2023.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.