Islamabad June 05 2021: The Finance Minister assured that the proposed “Agriculture Transformation Plan” will be thoroughly considered and firmed up recommendations will be made a part of the upcoming budget.
The Ministry of National Food Security and Research (MNFSR) prepared ambitious Agriculture Transformation Plan 2021. The plan seeks to revolutionalise the agriculture techniques to substantially enhance production of major rabi and kharif crops, with growth in wheat yield by 41 percent, rice 40 percent, cotton 65 percent, maize 40 percent, sugar 22 percent, and other crops 30 percent.
Earlier, the Federal Minister for Industries and Production, Khusroo Bakhtiyar, emphasized the need to introduce the ‘Agricultural Transformation Plan’ which has been prepared by the present government after extensive discussion with the relevant stakeholders and after making detailed analysis of available data.
Main aim of the plan is to revive the cotton crop which continues to be declining on a trend. Government has prepared a plan to sow cotton on 1.5/4.0 million acres in Sindh/Punjab this year. The Gov’t has been set the cotton production target at 10.5 million bales for the current year versus actual production of 5.6 million last year, a 30-year low. A subsidy of Rs1,200 per acre on seed to cover 4 million acres during the coming kharif season could be announce in the upcoming budget.
During fiscal year 2021, Agriculture witnessed a growth of 2.77 percent. The highest growth was witnessed in important crops 4.65 percent followed by 1.41 percent in other crops. However, cotton ginning has witnessed a decline of 15.58 percent during fiscal year 2021. Livestock has witnessed a growth of 3.06 percent. Livestock is the highest weighted sector in agriculture having weight of 60 percent while it has 12 percent in overall GDP.
This was discussed during a follow up meeting of the Economic Advisory Council (EAC) presided over by Federal Minister for Finance and Revenue Mr. Shaukat Tarin was held at the Finance Division today. The meeting was attended by Federal Minister for Industries and Production Khusro Bakhtiar, Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Economic Affairs Division Omar Ayub Khan, Adviser to PM on Commerce Abdul Razak Dawood, Adviser to PM on Institutional Reforms & Austerity Dr. Ishrat Hussain, SAPM on Social Protection and Poverty Alleviation Dr. Sania Nishtar, SAPM on Power Tabish Gauhar, SAPM on Finance and Revenue Dr. Waqar Masood, Governor State Bank of Pakistan Dr. Reza Baqir, Mr. Abid Suleri, Mr. M. Ali Tabba, Dr. Rashid Amjad, Mr. Sultan Allana, Syed Salim Raza and many others from the private members category.
The first session of the second meeting of Economic Advisory Council was held on 1st June 2021
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