Agri­cul­tural credit for 201617 at fixed Rs680b

Pakistan Observer - - ECONOMY WATCH -

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.

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