Loan From The World Bank For Agriculture Sector’s Up Gradation
Loan From The World Bank For Agriculture Sector’s Up Gradation: According to the recent statistics, the agriculture sector is estimated to have grown by 3.8% in the current fiscal year compared to only 2% expansion in the previous year. Agriculture sector provides vital contribution to many industries, food crops to feed the public and livelihood to millions of farmers.
The agriculture sector of Pakistan is called the backbone of national economy and is mainly run by landlords, many of whom are elected to parliament and has got much attention in consecutive budgets and during the sequence of a year.
Government incentives for doubling agriculture loans to over Rs.1 trillion in the past 5 years at low interest rates, unveiling of Kissan Package worth Rs.341 billion, provision of subsidies on fertilizer and other inputs as well as tractor purchase, giving cheaper electricity, permitting import of equipment and machinery at lower duties and offering insurance coverage for various crops and livestock has however resulted in an insignificant contribution to the national exchequer.
Recently, Provincial Secretary Agriculture Muhammad Mehmood stated that Punjab government was striving hard to put agriculture sector on modern lines.
WorldBank is Giving Rs. 300 Billion Laon for Five Years
Strengthening market for agriculture and rural transformation in Punjab is the new SMART program of government that will be initiated with the cooperation of World Bank. The bank is offering a loan worth Rs. 300 billion during five years to upgrade agriculture sector in the province of Punjab.
SMART Project would help boost use of technology, value addition of agriculture commodities, high efficiency irrigation system and a program to deal with climate changes. Similarly, the farmers would also be taught special training to improve per acre yield.
Federal government should also help the provinces to develop their own food security policies and strategies, as well as formulate investment plans in critical areas such as Research & Development, rural infrastructure, skill formation, digitization, agricultural mechanization, innovation and technology-dissemination etc. to improve agriculture performance in Pakistan.
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