MARKET DEVELOPMENT
Weaknesses in Agriculture Structure Threat To GDP
Weaknesses in Agriculture Structure Threat To GDP
15/02/2016 (Pakistan Today) - Society Watch President Khalid Mehmood said on Saturday that weaknesses in the structure of agriculture were keeping this sector fragile which was a threat to GDP growth rate.
In a statement issued from Islamabad, he said that masses were forced to buy wheat at 40 per cent inflated price as compared to rates in the international market while they pay 20 per cent extra for rice and 30 per cent additional money while buying milk. Mehmood said despite getting heavy price the agriculture sector was in doldrums due to distortions which must be tackled to streamline things.
He said that prices of palm oil had been dropped in the international market while that of vegetable oil had dropped by 30 per cent but the ghee cartel had not shared benefit with masses but officials concerned. The support price of wheat was 40 per cent over and above the international market which result in surplus every year while the commodity worth billions was lost due to insufficient storage facilities, he noted.
He said a five per cent increase in agriculture production could result in 1.5 per cent GDP growth having a positive impact on poverty and unemployment. Masses continue to pay extra for food in the name of national interest which had not improved lives of the farmers but that of rural elite, he said.
In a statement issued from Islamabad, he said that masses were forced to buy wheat at 40 per cent inflated price as compared to rates in the international market while they pay 20 per cent extra for rice and 30 per cent additional money while buying milk. Mehmood said despite getting heavy price the agriculture sector was in doldrums due to distortions which must be tackled to streamline things.
He said that prices of palm oil had been dropped in the international market while that of vegetable oil had dropped by 30 per cent but the ghee cartel had not shared benefit with masses but officials concerned. The support price of wheat was 40 per cent over and above the international market which result in surplus every year while the commodity worth billions was lost due to insufficient storage facilities, he noted.
He said a five per cent increase in agriculture production could result in 1.5 per cent GDP growth having a positive impact on poverty and unemployment. Masses continue to pay extra for food in the name of national interest which had not improved lives of the farmers but that of rural elite, he said.