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