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May 26, 2020

Subsidies for farmers

Newspost

 
May 26, 2020

The Economic Coordination Committee (ECC) in its meeting held under the chairmanship of adviser to the PM on finance at Islamabad on May 13, 2020 approved Rs56.6 billion to provide farmers subsidy on fertilizers, reduction in mark-up on agriculture loans, subsidy on cotton seed, white fly pesticides and sales tax subsidy on locally-manufactured tractors. Under this package as prepared by the Ministry of National Food Security and Research in consultation with stakeholders, subsidy to the tune of approximately Rs37 billion would be offered to farmers on the purchase of fertilizers.

It merits a mention that the fertilizer share in cost of production for major crops was around 10 to 15 percent and the provision of subsidy would reduce the cost of production for farmers and increase their affordability to adopt the recommended level of fertilizer nutrient use and best agricultural management practices. Similarly, under this package, reduction in mark-up of agriculture loans to farmers, subsidy on cotton seed and White Fly pesticides were also approved.

Khan Faraz

Peshawar