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LAHORE: Expressing concerns over dwindling prices of cotton, the Punjab government has asked the federation to intervene in the market and immediately start procuring the crop at the government announced rate of Rs 8,500 per maund.

The federation had set the rate at Rs 8,500 per maund at the start of the season but now due to lack of procurement by the federal procurement agencies, the rates were hovering between 6,000-7,000 per maund.

Weekly Cotton Review: Prices slightly rise amid low business volumes

Punjab Agriculture Minister S. M. Tanveer and Minister for Information Aamir Mir while addressing a joint press conference on Monday said that the cotton crop was playing a pivotal role in strengthening the economy of the province and in providing rural employment.

However, they said continuation of lack of procurement by the federal government may dissuade farmers from engaging in cotton cultivation next year.

Copyright Business Recorder, 2023

Comments

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Jan Ali Khan Junejo Oct 24, 2023 01:40pm
Historic cycle of greed is repeating itself. If the farmers input añd production costs exceed their income, next year they farmer will divert their acreage to some crop which is less susceptible to certain lobbies, and manipulators who keep on demanding, and threatening for all diets if concessions from the government. Instead of moving in tandem with the farming sector APTMA seems to prefer more expensive imported cotton. This causes an official, and "unofficial" outflow of valuable foreign exchange, and trade imbalances. Just myopic short term thinking. They should learn lessons from other textile exporting countries in our region! Very sad.
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