ISLAMABAD, Aug 4 (APP): Minister for National Food Security and Research Syed Fakhar Imam Wednesday said that government has approved cotton intervention price at Rs5,000 per 40 kg in order to revive output of cotton crop, which was on declining path for last several years.
The fixation of intervention price of cotton crop also aimed at encouraging local farming community by ensuring profitability, protecting them from exploitation and bring maximum land under production of the crop, which would help in development of local agriculture sector as well as economic uplift of the country.
Addressing a press conference, he said that federal cabinet in its last meeting accorded approval of cotton intervention price and fixed seed cotton price at Rs5,000 per 40 kg.
In this regard a Cotton Price Review Committee has also been formed and tasked for monitoring local prices, he said adding that the intervention price would be applicable, if the local price fall bellow Rs5,000 per 40 kg and procurement price will be set as 90 percent of import parity.
Under the intervention regime, he said that the Cotton Price Review Committee will direct the Trading Corporation of Pakistan to start procurement if price fall bellow Rs5,000 per 40 kg, adding that TCP will initially procure 200,000 bales of cotton and ensure that farmers are directly benefiting from the procurement campaign.
Fakhar said that fixation of cotton intervention price also aimed at bringing stability in local cotton sector, besides ensuring fair prices of the produce in line with international prices to supply quality input, particularly seed and cotton pesticides.
He said that the revival plan was part of pave path to introduce new seed technologies, use of insect sterile technology and integrated pest management for insect like white fly and pink bollworm management.
Imam said that cotton sector revival plan of current government was also envisaged to grading and standardization of local cotton for promoting local spinning and ginning and harmonizing them with international market for enhancing local exports of garments.
Replaying to a question, Imam said that up gradation of curriculum, research and development was prerequisite for agriculture development, adding that government has initiated collaboration with China and Korea for technology transfer and research development in seed sector.
