The PM Approves Rs8,500 as the Cotton Support Price

Pakistan’s Prime Minister approves support price of cotton to facilitate farmers

Prime Minister Shehbaz Sharif has approved a support price of Rs8,500 per 40 kg of cotton, which is a significant step towards helping cotton farmers. The choice was made at a meeting of the task force on agriculture, where the prime minister emphasised the value of cotton as the foundation of Pakistan’s textile industry.

He asked the Ministry of National Food Security and Research to suggest ways to boost cotton productivity and instructed provinces to implement the cotton price decision.

Floods, prolonged rain, and a lack of fertilizer significantly reduced cotton production last year. However, the government’s policies are to thank for this year’s estimated 12.77 million bales of cotton production, which represents a significant increase over prior years.

The prime minister emphasised the value of cotton in generating foreign exchange and expressed assurance that farmers would benefit from the support price. The Economic Coordination Committee has been informed of the choice for quick action.

Ishaq Dar, the finance minister, Syed Naveed Qamar, the minister of commerce, Tariq Bashir Cheema, the minister of national food security, Mohsin Raza Naqvi, the interim chief minister of Punjab, and other pertinent officials were present at the meeting.

The government’s choice to assist cotton farmers comes at a time when the industry is dealing with a number of difficulties. These include a lack of access to modern technology, low productivity, and the use of antiquated farming methods. Additionally, rising input costs for things like seed, fertilizer, and pesticides have been a problem for cotton farmers.

It is anticipated that the support price will help farmers who have been having financial difficulties. Additionally, it will motivate them to invest in contemporary farming methods and increase cotton production. Additionally, it will support the expansion of the textile industry, a key driver of Pakistan’s economy.

The government’s commitment to assisting the agriculture industry is highlighted by the Prime Minister’s order to put the support price decision into effect. The government has already implemented a number of initiatives to support agriculture, such as subsidising seeds, fertilizers, and other inputs and funding irrigation projects.

The decision is anticipated to boost cotton exports, lower imports, and increase employment opportunities, all of which will be beneficial to the economy. It will also assist in achieving the government’s objective of raising agricultural productivity and enhancing farmers’ standard of living.

Written by Imad Khan

Imad Khan has the skills and experience to deliver top-notch content that informs, engages, and inspires. He oftens explores nature in his free time.