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
Aeon & Trisl signifies back-to-back successes by securing the No. 1 Award at the ..
Attaullah Tarar’s success notification from NA-127 challenged
PSX witnesses positive trend today
PM Shehbaz meets CJP Isa to address IHC judges’ concerns
Pakistan vows to bring to justice perpetrators, abettors of Bisham terrorist att ..
May 9 riots: SC allows conditionally to military courts to deliver reserved verd ..
Interior Minister arrives in Peshawar after Shangla suicide attack
OPPO Reno 11 F 5G: Setting New Records as Pakistan's Most Beloved Smartphone Lin ..
PCB dismisses FICA's claims of unpaid dues in PSL
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 March 2024
Today Gold Rate in Pakistan 28 March 2024
Niger says US to submit plan to 'disengage' troops
More Stories From Pakistan
-
4 miners killed after coal mine collapsed in Kurram
12 seconds ago -
SRA member arrested by CTD
15 seconds ago -
Unique Group holds inter-schools Qira'at competitions
18 seconds ago -
WASA disconnects 367 connections of defaulters
10 minutes ago -
Over 800 primary students take dictation test
20 minutes ago -
Education deptt announces spring vacations from April 1 to 8
20 minutes ago
-
IFA cracks down on fake butter factory: 500 kg seized
20 minutes ago -
Earthquake jolts Islamabad, Rawalpindi and parts of Pakistan
20 minutes ago -
Steps to be taken to increase disable quota in government jobs: CM Advisor
20 minutes ago -
PM lauds Pakistan Navy for safeguarding country's maritime interests
30 minutes ago -
New waste management system to be applied in Bahawalpur Division
40 minutes ago -
Ring Road-SL3 to become functional before Eid: minister
40 minutes ago