ISLAMABAD: Federal Minister for National Food and Security Syed Fakhar Imam, on Wednesday, said that the government has approved cotton intervention price.

While addressing a press conference in Islamabad, the minister said cotton intervention price has been set at Rs 5,000 per 40kg of seed cotton by the cabinet.

He said, “If prices fall below Rs 5,000/40kg of seed cotton then the intervention policy will be activated.”

Weekly Cotton Review: Significant drop in prices witnessed

The federal minister said that the procurement will be set as 90 percent of the import parity price (IPP).

Furthermore, he said, “Ministry will constitute a ‘Cotton Price Review Committee’ which will monitor cotton price in the country. This committee will direct the TCP to start procurement if prices fall.” He continues that TCP will initially procure 200,000 bales of cotton.

He said that it will ensure that farmers get directly benefited from its procurement.

The minister hoped that it would stabilise cotton prices in the country.

Imam said that the government is working on a cotton revival program, which will be introduced soon.

He said primary aim of this programme is to provide quality input for cotton especially cotton seed and pesticides in addition to modernisation of ginning technology.

Imam said a Cotton Price Committee has been formed to fix the cotton price at five thousand rupees per forty kilograms.

He said the government is introducing quality control system to ensure the quality of cotton seed. He said efforts are being made to make Pakistan self-sufficient in edible oil

Copyright Business Recorder, 2021