Govt to introduce latest technologies in agri sector: Dar
Finance Minister speaks at Conference of ICAC in Islamabad.
He was speaking at the Conference of International Cotton Advisory Committee in Islamabad on Monday morning.
The Minister said to this end, the Government has already carried out important amendments in Seed Act of 1976 and the Plant Breeders' Right Bill is under legislation.
He said the present Government has undertaken various initiatives to facilitate farmers both through budgetary proposals and under Prime Minister's package for farmers.
There has been significant reduction in prices of Urea and DAP, Sales Tax exemption on pesticides and enhancement of agriculture credit to Rs700 billion for this year. He said there is concessional electricity tariff for agriculture sector besides ensuring availability of essential raw material.
Dar said economic policies of Prime Minister Nawaz Sharif have led to macro-economic stability and the now the target is to achieve higher sustainable and inclusive growth. He said the growth momentum has remained above four per cent for the third consecutive year and real GDP was 4.7 per cent during last financial year. This would have been above five per cent but unfortunately failure of cotton crop by nearly 30 per cent brought down the rate by 0.5 per cent.
The Finance Minister said revenue increased by 20 percent annually during the last three years as against just 3.38 per cent in 2013. Foreign exchange reserves are at the highest at over 24 billion dollar providing more than five months' of import cover.
Ishaq Dar said the Government is taking necessary steps to increase exports.