Govt pumping Rs250bn in agri sector; hoping for over 3pc growth

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ISLAMABAD: The government is hoping for more than three percent growth in agriculture for the current fiscal year as it is pumping in around Rs250 billion to help the sector after five years of stagnancy, Adviser to Prime Minister on Finance and Revenue Hafeez Shaikh said Thursday.

“We are expecting an over 3 percent growth in the agriculture sector, which has remained stagnant for the past five years and we are further injecting about Rs250 billion in this sector to enhance crop productivity and improve water management,” finance adviser said.

“Focus has now shifted to accelerating the pace of growth by creating an enabling atmosphere for businesses and boosting growth in key sectors such as agriculture.” he said.

Hafeez Shaikh was talking to a group of foreign investors, representing international banks and financial institutions looking to invest in the country. 

Shaikh further briefed the delegation on various steps for improving ease of doing business scenario, “which will pave way for investment and growth of businesses”. The delegation appreciated the intention and practical steps taken by the government to facilitate businesses and improve the environment for encouraging foreign investment in capital market.

“The government is aware of the difficulties being faced by cotton growers in getting better prices, which not only offset their cost of production but also provide them with incentives to use more inputs and increase the crop area for enhanced productivity,” Shaikh said.

“The government is actively considering various options and hopefully we have an arrangement which addresses the concerns of cotton growers and helps them fetch good prices for their produce,” the adviser added.

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