The Inter-Ministerial Cotton Procurement Committee has asked Trading Corporation of Pakistan (TCP) to increase the purchase limit of 3 000 bales to 6,000 bales from each ginning factory to further gear up procurement drive in the country. This decision was taken at the meeting of the committee, held here on Thursday Commerce Minister Humayun Akhtar Khan, Federal Minister for Food, Agriculture and Livestock Sikandar Hayat Bosan, Chairman TCP Syed Masood Alam Rizvi and representatives of ginners, APTMA attended the meeting.
The committee has been constituted by the Prime Minister to review cotton market and ensure that growers should get a price of Rs 925 per maund for phutti.
The meeting also instructed TCP to expedite payments to ginners so that they can clear their dues to growers against the purchase of cottonseed (phutti).
The Chairman TCP said that the corporation will clear 90 percent of the payment for 200 000 bales before Eid and added that payment for 150,000 bales had already been made. He said that remaining 10 percent payment will be made after receiving evaluation report about the grade and other specifications.
Speaking on the occasion, the Commerce Minister said that TCP had never undertaken such a massive trading activity in the cotton in the past and said this has stabilised prices in the market.
He said the government was committed to continue this intervention in the market to ensure payment of better prices to cotton growers.
He said there was no limit on TCP during the current cotton procurement campaign.
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