LAHORE:
The Standing Committee on Agriculture of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said on Friday that the agriculture sector, which grew by 3.94%, emerged as the main engine of growth in the 24th year. This growth not only exceeded the target of 3.50%, but also exceeded last year’s growth rate of 2.27%.
FPCCI chief Chaudhry Ahmad Jawad, while briefing the media, attributed the healthy growth of the agricultural sector mainly to the double-digit growth in major crops, reaching 16.82% in the 24th year. This growth came mainly from a wheat harvest of 11.64%, despite unexpected challenges from the Punjab government on wheat cultivation.
Cotton production is expected to increase by 108.22%, from 4.91 to 10.22 million bales, while rice yield is forecast to increase by 34.78%, from 7.32 to 9.87 million tons.
The FPCCI Standing Committee recommends strengthening the sector by including strong incentives for the agriculture sector in the federal budget speech to achieve a growth target of 5% next year. They suggest improving irrigation systems and water management practices to optimize water use. In addition, they recommend the use of high-quality seeds and fertilizers and the allocation of funds to strengthen the Federal Department of Seed Certification and Registration.
In terms of financial support, the committee recommends extending the availability of credit and insurance services to farmers, with special instructions to Zarai Taraqiati Bank Ltd and National Bank of Pakistan for a special KIBOR interest rate scheme. They also emphasize investment in research and development to enhance crop yields, disease resistance and climate resilience, recommending a special allocation in the Federal Budget for the Pakistan Agricultural Research Council and the National Agricultural Research Centre. Jawad supports enhanced market access and trade agreements to boost agricultural exports and improve the competitiveness of Pakistani agricultural products.
Published in The Express Tribune, May 25u2024.
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