Rs 8,500/40kg okayed as Cotton support price

LAHORE: In a major step to facilitate the cotton farmers, Prime Minis-ter Shehbaz Sharif on Monday approved Rs 8,500 per 40 kilogram as the support price of the commodity.
The prime minister directed to present the matter to the Economic Coordination Com-mittee on priority.
Chairing a meeting of the Agriculture Task Force, the prime minister urged the provinc-es to ensure the implementation of cotton price.
He termed cotton as the backbone of the country’s textile sector and expressed confi-dence that the step would support the farmers.
Highlighting the importance of cotton in earning foreign exchange, PM Sharif said the government would extend every possible assistance to the provinces in this regard. He mentioned that steps were being taken to boost per acre produce of cotton and di-rected the Ministry of National Food Security to finalize requisite proposals.
The meeting was informed that last year, the cotton produce faced exponential reduc-tion due to floods, heavy rains, shortage of canal irrigation water, and the crisis of fer-tilizer.
This year, the overall cotton production has been estimated at 12.77 million bales, which is expected to witness significant growth as a result of the policies of the gov-ernment.
The meeting was attended by Federal Ministers Ishaq Dar, Syed Naveed Qamar, Tariq Bashir Cheema, Caretaker Chief Minister Punjab Mohsin Raza Naqvi, Adviser to PM Ahad Cheema, and relevant officials. –Agencies