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Cotton Support Price of Rs. 7,000 Is Likely To Be Approved By ECC

Cotton Support Price of Rs. 7,000 Is Likely To Be Approved By ECC

Tariq Bashir Cheema, the Federal Minister for National Food Security and Research, stated on Wednesday that the cabinet’s Economic Coordination Committee (ECC) will set the minimum support price for cotton at Rs. 7,000 per maund at its next meeting.

Agriculture is now a provincial topic, and the federal government has no say in the industry, according to the minister, who spoke to the Senate Standing Committee on National Food Security and Research, which was chaired by Syed Muzafar Hussain Shah.

A briefing on cotton production and support prices was given to the committee. The committee was informed by ministry officials that the open market price of cotton is currently at Rs. 12,000 per mound.

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According to the committee, the national food security ministry should define the proper mechanism for determining the support price, as well as the anticipated cost of production per acre, and fix the price in cooperation with all stakeholders. The committee also proposed that the ministry form a cotton board.

The federal minister told the committee that after the 18th Amendment, it became clear that food security was a federal issue. According to Cheema, the food security ministry was established following the 18th amendment to address food security concerns. The minister stated that the ministry’s sole priority is national food security; yet, it is sometimes assumed that the ministry is responsible for the agricultural industry.

The committee wanted to know more about the ministry’s budget allocation. The parliamentary panel also requested information on the ministry’s and affiliated departments’ budgets.

RELATED: Shipments of Indonesian palm oil are on their way to Pakistan, easing supply concerns

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Sibtain Ali is a Senior Editor Business at Pakistan Lounge and joined in October 2021. Formerly business editor at a renowned International News website

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