prudent steps needed to achieve agricultural growth goal
Published on: December 4, 2023.
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Pakistan Aims for 3.5% Agriculture Sector Growth in 2023-24
The Pakistani government has set an ambitious target of achieving 3.5% growth in the agriculture sector for the ongoing fiscal year 2023-24 in order to boost the country’s GDP by the same percentage points. This emphasis on revitalizing the agricultural industry is not only crucial for ensuring food security but also for driving economic growth.
Tariq Sultan, a principal scientific officer at the National Agriculture Research Centre, praised the government’s efforts, stating, “The minister of National Food Security and Research (MNFS&R) has expressed optimism about achieving this challenging goal. Major crops like rice and cotton, along with a promising future for livestock development, are predicted to make a substantial contribution to the desired expansion in the GDP.”
Despite facing challenges such as devastating floods, the agriculture sector has shown slight growth of 1.55%. Wheat, maize, sugarcane, and oilseeds have seen positive growth in production. The livestock sector has also experienced growth, increasing by 3.78% compared to the previous year’s 2.25%.
There is an anticipated surge in cotton production, with an estimated 126.6% increase compared to the previous year. Additionally, there has been a significant rise in rice production, highlighting the agricultural sector’s potential contributions to economic growth. Livestock’s share in the agriculture sector has also increased by 64%, signaling a diversification strategy that adds resilience to the overall sector.
However, there are challenges that cast doubt on the feasibility of achieving the planned GDP increase. High interest rates and restricted foreign exchange reserves are impacting imports. It is crucial to address these economic challenges, including inflation and interest rates, in order to create an enabling environment for sustained growth.
Tariq Sultan emphasized the importance of adopting a comprehensive approach to overcome the complex challenges facing the agriculture sector. He stated, “The success of the agriculture sector, crucial for employment and food security, hinges on striking a delicate balance between targeted policies and broader economic reforms.”
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