Govt Advised To Save $2.5 Through Intervention In Edible Oil Sector
Rukhshan Mir (@rukhshanmir) Published July 20, 2016 | 04:05 PM
ISLAMABAD,(UrduPoint / Pakistan Point News - 20th july,2016) : The Islamabad Chamber of Small Traders (ICST) advised the government to promote edible oil sector through intervention which will help Pakistan save 2.5 billion dollars annually. Government has announced incentives for the agriculture sector in the budget but the edible oil sector has been ignored, said Shahid Rasheed Butt, Patron Chamber ICST. He said that government's intervention can result in self-sufficiency in edible oil production can help country save 2.5 billion Dollars while providing jobs to many. Edible oil imports are now second largest after fossil fuel in which palm oil enjoys 90 percent share because farmers are at the mercy of middlemen which is the biggest reason behind lack of interest by growers, he said. Shahid Rasheed Butt said that self-reliance is possible if land under cultivation is increased, support price is offered, and the coastal belt of Sindh and Balochistan are utilized for production.
He called for enhanced research and development, subsidy on inputs, interest-free loans, gradual increase on duty of imports, employing better technology, improving capacity of grinding mills and empowering Pakistan Oilseed Development board. He said that primitive grinding process result in wastage of two lakh tonnes of cotton seed while 30,000 tonnes could be extracted from rice bran. Pakistan per capita consumption stands at 12-13 litres which is increasing by three percent annually which will increase import bill.
But we are producing one-third of the edible oil while rest is imported. Butt said that 40 to 48 percent oil could be extracted from sunflower, 32 percent from rapeseed while 10 to 12 percent could be obtained from cottonseed.
Related Topics
Recent Stories
EU wants to ease youth movement to and from UK
Police foils attempt of supply mainpuri raw material
Helicopter crash kills Kenya defence chief, nine other senior officers: Ruto
Govt making efforts to eradicate polio: DC
Parliamentarians hail President's speech as reminiscent of state policy, rebuke ..
Collective efforts to overcome challenges to education, say speakers at Int'l co ..
RCB destroys 200 Kg of unhealthy meat
Turkish CGS calls on Army Chief, commends Pakistan Army's role in combating terr ..
New attack as French PM vows crackdown on school violence
Firefighters battle Copenhagen blaze for third day as facade collapses
CM directs to prepare wheat purchase plan for next season
Participants of management course of WAPDA Administrative Staff College meet Gov ..
More Stories From Pakistan
-
Police foils attempt of supply mainpuri raw material
6 minutes ago -
Govt making efforts to eradicate polio: DC
8 minutes ago -
Parliamentarians hail President's speech as reminiscent of state policy, rebuke Opposition's protest
8 minutes ago -
Collective efforts to overcome challenges to education, say speakers at Int'l conference
8 minutes ago -
RCB destroys 200 Kg of unhealthy meat
8 minutes ago -
Turkish CGS calls on Army Chief, commends Pakistan Army's role in combating terrorism
8 minutes ago
-
CM directs to prepare wheat purchase plan for next season
42 minutes ago -
Participants of management course of WAPDA Administrative Staff College meet Governor
42 minutes ago -
Alleged kidnapper and molester of 3-year-old killed in Police shootout
45 minutes ago -
DC Khanewal leads anti-dengue drive
45 minutes ago -
CS Sindh chairs meeting to accelerate Sehwan development initiatives
44 minutes ago -
PML-N persistently advocates for engaging dialogue: Asif
45 minutes ago