KARACHI: The local market remained stable on Saturday. Market Sources told that trading volume remained thin.
Cotton Analyst Naseem Usman told Business Recorder that In line with market expectations, the State Bank of Pakistan (SBP) maintained the status quo and left the benchmark interest rate unchanged at 7 percent for the next two months.
All Pakistan Textile Mills Association has thanked Prime Minister Imran Khan for its industry friendly policies due to which GDP witnessed a growth of 3.94 percent and textile exports up by 17.4 percent and expected to reach 15.5 billion dollar in 2021 and will cross 20 billion dollar by 2022.
Cotton Cooperation of India has increased prices today by 200-500 Rs Candy across all growths of all Zones for 2020-21 season and for 2019-20 season.
Meanwhile, Indus River System Authority (Irsa) on Friday further reduced shares of Punjab and Sindh by 9 percent to 32 percent from 23 percent due to massive inflow shortfall.
The water regulator took this pressing decision at a time when political leadership of both Sindh and Punjab are openly criticizing each other on water distribution.
Tarbela reservoir has already reached dead level of 14000 ft and only inflows are being released from the reservoir to the provinces as per agreed shares. Total inflows and outflows are 1000 cusecs of which live inflow was 0.066 cusecs. Mangla’s level was 1104.80 feet with live inflows of 0.473 cusecs.
Opposition Leader in Sindh Assembly Haleem Adil Shaikh also held a meeting with the officials of Irsa on Friday and sought clarification on current water crisis and measures to be taken to deal effectively with the crisis. Irsa members from Sindh Zahid Junejo and member Balochistan Abdul Hameed Mengal were also present in the meeting.
Balochistan has raised its concerns at every forum that Sindh is not giving its due water share but their grievance has not been dealt with so far.
According to Irsa spokesperson, good news is that temperature in Indus catchments has started rising and on Friday it was 26.1 degree against Thursday’s temperature of 23.9 degree.
As per Pakistan Met Department hopefully it will continue and situation will improve in the next 48/72 hours.
Naseem Usman said that summary regarding cotton support price will be presented before Economic Coordination Committee (ECC) in next meeting as consultation to set cotton support price has been completed.
Economic consultant Minister of National Food, Security and Vice President Pakistan Central Cotton Committee, Dr Muhammad Ali Talpur expressed these views in a statement issued here on Wednesday.
He said that the record production of sugarcane, maize and rice was received this year and the federal government had special focus on enhancement of cotton production now.
Ali Talpur said that the summary had been prepared after consultation with all stakeholders as Federal Minister for National Food, Security and Research, Syed Fakhar Imam directed the ministry officials about preparation of the cotton support price summary few days ago.
He said that better cotton yield was expected this year and added that all out efforts were being made to achieve 10.5 million cotton bales production target.
He informed that federal government had already offered Rs10 billion to cotton growers in shape of subsidy across the country.
He urged the cotton growers to get their registration completed as soon as possible under subsidy related procedure so that the subsidy amount could be provided to them which would help to reduce their cost of production.
The Indus River System Authority (Irsa) on Wednesday expressed concern that Tarbela reservoir can touch dead level during the next 24 to 48 hours, and provinces may face more shortages than anticipated previously.
The water regulator issued this statement a day after confrontation between Irsa chairman Rao Irshad, who is also Member Punjab, and Member Irsa Sindh, Zahid Junejo, on the opening of the Taunsa Panjnad canal.
This confrontation was witnessed at the political level in Punjab and Sindh with PPP chairman Bilawal Bhutto-Zardari, Sindh chief minister, provincial ministers and Sindh Assembly expressing their reservations over the untoward incident and water shortages whereas Punjab chief minister Sardar Usman Buzdar also issued a statement.
Irsa in its statement said that it undertook a review of water situation in the country on May 26, 2021, during which it was noted that water in rivers have further reduced by 18,800 cusecs.
According to the water regulator it is felt that Tarbela reservoir may touch dead level during the next 24 to 48 hours, indicating more shortages.
An Irsa spokesperson said that after reviewing the current situation of water inflows, it can be assumed that water share of provinces may be further curtailed in the days to come.
“It has also been felt that water shortage which was estimated to be 17 per cent during a meeting held on May 24, 2021 may further increase,” he added.
Irsa, the spokesperson said, has intimated about the expected water situation in the country during coming days.
Punjab Minister for Agriculture Syed Hussain Jahanian Gardezi has said that Punjab province is facing 22percent water shortage while Sindh is facing 17percent water shortage. The Indus River System Authority (IRSA) should immediately review this fact and fair distribution of water should be ensured to provinces on the basis of data and facts.
While addressing a press conference along with Provincial Minister for Irrigation Mohsin Leghari and Special Assistant to Chief Minister for Punjab Dr Firdous Ashiq Awan, he also highlighted the impact of water scarcity on agricultural production.
He said it is a fact that Sindh gets three times more water than Punjab. He said that farmers of Sindh are our brothers but the leaders of Sindh should refrain from politicizing every issue.
The Minister said: “The TP Link Canal should be opened immediately as the sowing of cotton crop is in progress and 95percent of the cotton sowing target has been achieved this year but water supplied to the South Punjab through TP Link Canal has been cut off during this stage and lack of water in the early stages of cotton may lead to reduction in production. Similarly, in Punjab paddy crop is being sown and it is also in danger. It earns more than two billion dollars in foreign exchange every year, so a reduction in its production is likely to hurt the country’s economy”.
He said bumper crop of wheat has been achieved and the target of 20.9 million metric tons of wheat production has been achieved in Punjab as compared to last year which is a record.
The Spot Rate remained unchanged at Rs 12300 per maund. The Polyester Fiber was available at Rs 200 per kg.
Copyright Business Recorder, 2021