Agriculture Sector Recovery Efforts Hailed

Agriculture sector recovery efforts hailed

The Islamabad Women's Chamber of Commerce and Industry (IWCCI) on Saturday lauded the initiatives of the government to revive the ailing agriculture sector which is the backbone of the economy.

ISLAMABAD (Pakistan Point News / Online - 25th January, 2020) The Islamabad Women's Chamber of Commerce and Industry (IWCCI) on Saturday lauded the initiatives of the government to revive the ailing agriculture sector which is the backbone of the economy. Supporting rural population will settle food security issue.It also hailed the decision of the Prime Minister Imran Khan to provide relief of Rs40 billion to farmers by abolishing GIDC for fertilizer industry which will reduce the price of urea bag by Rs400.

The government's move to avoid a further hike in the price of natural gas is good for masses and the economy under the current set of circumstances, said Farida Rashid, President IWCCI.She said that the revival of the distressed agriculture sector will require a new agriculture policy designed according to the ground realities, necessary amendment in the Seed Act to depress sale of substandard seed, reducing the role of middlemen and loan sharks in the rural economy, and discouraging profiteers and hoarders.

Farida Rashid said that the largest employment providing sector of agriculture is facing serious problems and it has become a threat to the economy and exports mandating an urgent bailout.She noted that the last year the growth rate of the agriculture sector remained below one percent while a collective decline in crop output was five percent. The situation will remain the same for the current year if a proper intervention by the government was delayed.The major cotton exporter country of Pakistan has become a net importer while four billion Dollars will be needed to bridge the shortfall and keep the textile sector running that is the largest export earner and the second-largest job provider in the country. She said that the twenty percent decline in cotton output will reduce GDP by 0.5 percent which must be taken seriously.