Agricultural credit for 201617 at fixed Rs680b
ISLAMABAD—The government has fixed a target of agricultural credit for 201617 at Rs680 billion in the 11th Five Year Plan. Keeping in view the enthusiasm of the banks, push by the State Bank of Pakistan and support by the Government, it is expected that this target would be achieved, official sources told APP. The investments are being made for water resources development to ensure the needed additional water supply. Public sector was investing on conservation and efficiency improvement of water use, source added.
The government is committed to provide ample finances for agriculture operations. The PSDP allocation for water sector was Rs31 billion for 2106-17 besides the investments of the provinces. About 134.56 MAF water was expected to be available for agriculture purpose in this year. Current decline in diesel prices has reduced operational cost of farming. However, as a longterm strategy, investments are being made in sources of alternative energy (solar) and high efficiency irrigation systems in the provinces to economize the water use in agriculture of the country.
The source said that the agricultural mechanization is facing multiple challenges related to farm machinery and equipment, infrastructure, technology, markets, operations, legislation, financing, policy framework. Moreover, land holdings, cropping patterns, market price of crops, and availability of labour.—APP turned positive with a slight gain of 88.63 points to close in green at 38265 levels here today. However the market remained depressed in the first session and at one point of time it plunged as low s 38014 levels yet managed to improve later on to close in green. The oil based stocks, agriculture and construc- oil prices fell on Wednesday after oil inventories fell by 917,000bbl comapred to expectations of a drop of 1.7mnbbl. Prices gained on Thursday, however, after polls showed the Brexit “remain” camp had gained ground. A “remain” vote could send oil higher while an “exit” vote could send oil lower.