Saying that the Government is committed to taking all possible measures to introduce latest technologies in agriculture sector Finance Minister Ishaq Dar has announced that the government is going to introduce latest technology in the agriculture sector.
Addressing the participants of Conference of International Cotton Advisory Committee here earlier today said that the government has undertaken various initiatives to facilitate farmers both through budgetary proposals and under Prime Minister’s package for farmers and it has also already carried out important amendments in Seed Act of 1976 and the Plant Breeders’ Right Bill is under legislation.
There has been significant reduction in prices of Urea and DAP, Sales Tax exemption on pesticides and enhancement of agriculture credit to Rs700 billion for this year, he said adding that there is concessional electricity tariff for agriculture sector besides ensuring availability of essential raw material. The Government is taking necessary steps to increase exports, he added.
The policies pursued by Prime Minister Nawaz Sharif have led to macro-economic stability and the now the target is to achieve higher sustainable and inclusive growth. He said the growth momentum has remained above four per cent for the third consecutive year and real GDP was 4.7 per cent during last financial year, he said. This would have been above five per cent but unfortunately failure of cotton crop by nearly 30 per cent brought down the rate by 0.5 per cent, he added.
The revenue too has increased by 20 per cent annually during the last three years as against just 3.38 per cent in 2013. Foreign exchange reserves are at the highest at over 24 billion dollar providing more than five months’ of import cover.