ISLAMABAD: The business community has called for enhancing the agriculture sector’s productivity by putting it on modern lines for the socioeconomic development of the country.
Talking to WealthPK, Chairman of Pakistan Hi Tech Hybrid Seed Association, Shahzad Ali Malik said that the government should tailor a viable strategy for rapid modernisation of the agriculture sector to achieve higher yield and meet the needs for food staples in the wake of high commodity prices due to the Russia-Ukraine conflict and climate change effects.
He said that the agriculture sector is the backbone of the country’s economy and expected to grow at 3.9% during the current financial year (2022-23).
The agriculture sector posted a growth of 4.4% during the outgoing financial year (2021-22) against the last year’s growth of 3.5%, he added.
Shahzad Malik said that use of high-tech and hybrid seeds had helped important crops like sugarcane, rice and maize achieve better production this year.
He said that boost in yields of these crops would not only support the economic growth momentum but also ease out balance of payment pressure through less imports of food grains.
Shahzad Malik stressed the need for private sector investments in the crops sector.
Meanwhile, talking to WealthPK, Iftikhar Ali Malik, Chairman of South Asian Association for Regional Cooperation’s Chamber of Commerce and Industry, also called for promoting agriculture sector in order to achieve food security.
He added that effective implementation of modern agriculture techniques would contribute a lot to promote overall economic growth in the country.
He appreciated the steps taken by the government in the budget 2022-23 for development of the agriculture sector.
According to the monthly outlook report for June released by the ministry of finance, the agriculture growth is targeted to grow at 3.9% in FY23. This target is mainly contingent upon boosting the cotton and wheat production by ensuring consistent availability of water, certified seeds, fertilizers, pesticides and agriculture credit facilities.
The weather conditions along with smooth availability of water are vital components for achieving Kharif targets, according to the finance ministry’s report.
