Punjab launches green tractor distribution scheme under wheat initiative
Punjab Minister for Agriculture Syed Ashiq Hussain Kirmani was the chief guest at the ceremony where keys were handed over to 26 farmers from the district. The government aims to distribute around 1,000 tractors under this scheme.
Speaking on the occasion, the Minister said free tractors are being provided to farmers across Punjab through a transparent e-balloting system. He noted that Punjab Chief Minister Maryam Nawaz Sharif is taking revolutionary steps for the growth and advancement of the agriculture sector. He emphasized that the current government has allocated a record Rs 123 billion for agriculture in the budget; a significant increase from the previous allocation of Rs 20 billion. For the first time in history, green tractors have been distributed to 10,000 farmers with a subsidy of Rs 1 million per unit. Additionally, interest-free loans worth Rs 75 billion have been issued to farmers through Kisan Cards.
On the occasion, MPA Mian Muhammad Munir, Additional Deputy Commissioner Muhammad Ibrahim Arbab, PML-N leader Rao Muhammad Ajmal, Director Agriculture Extension Shahbaz Akhtar, Deputy Director Agriculture Muhammad Ijaz, along with a large number of Agriculture Department officials and farmers, were present.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
7 hours ago
- Business Recorder
Maryam launches ‘Apni Zameen, Apna Ghar' programme
LAHORE: Announcing the launch of 'Apni Zameen, Apna Ghar' program in Punjab to provide free plots to homeless poor in the province, Chief Minister Maryam Nawaz Sharif said, 'Pakistan's political and military leadership is sincere, it is rising like rising sun on diplomatic and economic fronts.' While addressing a ceremony to mark the completion of more than 50,000 loans under 'Apni Chhat, Apna Ghar' project, the CM said, 'In Phase-I of the scheme, 2,000 plots will be given to landless people in 19 cities to build houses. Punjab government is launching a new project every day, 'Apni Chhat, Apna Ghar' is very close to my heart, now no one will be evicted from their homes for not paying rent. The project was launched in October-November, 45,000 houses are being built, 9,000 houses have been completed, if I could, I would personally go and congratulate every family that built a house.' She added, 'By the end of August, the issuance of loans will reach 64,000 to 75,000, we will achieve the target of building one lakh houses in a year and five lakh in five years. About 2.5 million people will benefit under 'Apni Chhat, Apna Ghar' project, Muhammad Nawaz Sharif and Muhammad Shahbaz Sharif also built houses during their tenures and gave them to people.' Maryam Nawaz Sharif said, '1.5 million registrations and 7 million applications have been received under 'Apni Chhat, Apna Ghar' project, now people believe that they will get loans on merit. I am surprised that one day a loan was received and after three weeks a house is being built, we have built thousands of houses without claiming State should fulfill its motherly promise.' She underscored, 'Clinics on Wheels across Punjab are providing treatment facilities at the doorsteps of patients, they have succeeded in filling the lack of trust between the state and the people.' The Chief Minister said, 'Problems in the worst areas of every city will be solved on priority basis, clean drinking water will be provided in South Punjab and Pothohar region. It is my resolve to make 24,000 villages a model, streets and roads of every village will be paved, schools and hospitals will be revamped and sewage systems etc. are being built.' The CM flagged, 'Destiny of Punjab is in the hands of service, not conspiracy. We will fulfill every promise and leave a mark of service at every step. Prime Minister Muhammad Shahbaz Sharif is improving the lives of the nation. Muhammad Nawaz Sharif says in every meeting to make electricity cheaper and reduce inflation. Nawaz Sharif advises me every day to be pure in intention to serve the people. Progress will start to be seen in Punjab every year.' She said, 'Landless people will be given loans to build plots and houses in 19 cities of Punjab. Punjab government is launching a new project every day. Apni Chhat, Apna Ghar is very close to my heart. No one can be evicted from their homes for not paying rent. It is good for parents to give their children the peace of home. I share the happiness of every person and every family who built his own house. I bow my head and thank Allah Almighty for the success of the Apni Chhat, Apna Ghar project. Loans under Apni Chhat, Apna Ghar is 100% interest-free, to be repaid in 9 years. Monthly instalment was made less than Rs15,000. Under the Apni Chhat, Apna Ghar project, everyone can easily pay Rs15,000 per month.' She explained, 'Calls were made to 60 to 70 thousand people to ensure transparency in the project. 95% of the people's feedback about the Apni Chhat, Apna Ghar project was satisfactory. I hear calls daily regarding the project. These are not 64 thousand houses but thousands of stories and tales.' The Chief Minister said, 'By the end of August, disbursement of loans will reach 64 to 75 thousand. The target of building 100,000 houses in one year and 500,000 in five years will be achieved. About 2.5 million people will benefit under Apni Chhat, Apna Ghar project. Muhammad Nawaz Sharif and Muhammad Shehbaz Sharif also built houses during their tenures and gave them to the people.' She added, 'Official estimate for building and giving away a house was Rs 4 million, which was difficult for the common man.' The Chief Minister said, 'People are witnesses, no one needed recommendation or bribe for a loan. No house was built with bribe or recommendation, you can hold your head up and say that this is my house. I have my eye on every story of Apni Chhat, Apna Ghar project.' She added, 'Those who used to lift the bricks of other people's houses are today laying the bricks of their own houses and picking up the keys. I saw husbands, wives and children working hard for their houses. I promised to give the people their roof, I kept my promise and the people also kept their promise by returning a thousand million rupees in instalments. I am happy that I could facilitate people, the prayers of the people are my asset.' She asserted, 'The claim of building one crore houses could not be removed from the files. 1.5 million registration and 7 million applications have been received under Apni Chhat, Apni Ghar project. Now people believe that they will get a loan on merit. Houses are being built in every district under the project. I want to build more houses in South Punjab. I want to build 150,000 houses annually under Apni Chhat, Apni Ghar project. If Almighty Allah gives me the means, then let it all be poured on the people. I thank Amjad Hafeez and SMU for informing me about the public feedback.' Copyright Business Recorder, 2025
Business Recorder
7 hours ago
- Business Recorder
CM monitors road test: Punjab set to start latest SRT train
LAHORE: Chief Minister Punjab Maryam Nawaz Sharif had a trial trip in Pakistan's first urban electric train, Super Autonomous Rapid Transit (SRT). She personally monitored the road test of 'Super Autonomous Rapid Transit' (SRT) from Main Ali Town to Muslim Town. She inspected the SRT, and reviewed its various facilities. The CM was briefed in detail by Minister for Transport Bilal Akbar about the SRT. The Chief Minister also reviewed road test drive of the SRT, and checked running of SRT amidst normal traffic. People on Raiwind Road and Canal Road expressed happiness after seeing the 'Super Autonomous Rapid Transit (SRT)', which is being run successfully in Turkey, China and other countries. She was apprised, 'In Abu Dhabi, 03 bogies of 'Super Autonomous Rapid Transit', against a capacity of 04, have been installed. Norco International's latest SRT has a capacity of 320 passengers. The first complete e-train 'Super Autonomous Rapid Transit' can travel 40 kilometres after a single charge.' She was also briefed, 'Super Autonomous Rapid Transit (SRT) will have air conditioning and other facilities. It will reduce environmental pollution, and will improve traffic on roads.' The CM said, 'People of Punjab are now waiting for good news every day. Beauty of Lahore will be doubled with the running of SRT. Good news of SRT is also coming to Gujranwala and Faisalabad.' Copyright Business Recorder, 2025
Business Recorder
8 hours ago
- Business Recorder
MCB Bank delivers Rs58.06bn PBT in H1CY25
LAHORE: The Board of Directors of MCB Bank Limited (MCB), in its meeting held under the chairmanship of Mian Mohammad Mansha, reviewed the Bank's performance and approved the condensed interim financial statements for the half year ended June 30, 2025. The Board declared a second interim cash dividend of Rs 9.00 per share (90pc), in addition to the 90 percent dividend paid earlier, bringing the total cash dividend for H1 2025 to 180 percent. MCB Bank reported a profit before tax (PBT) of Rs 58.06 billion for the six months ended June 30, 2025. Profit after tax (PAT) stood at Rs 27.31 billion, translating into earnings per share (EPS) of Rs 23.04 versus Rs 26.95 in H1 2024. The decline in net profitability also reflects a four percent increase in the effective tax rate compared to H1 2024. On a consolidated basis, the Bank posted a PBT of Rs 62.5 billion. These results highlight MCB's prudent balance sheet management, focus on core banking operations, and commitment to disciplined risk governance. Net interest income declined by 5 percent year-on-year, primarily due to margin compression following a downward revision in the policy rate. However, this impact was partially offset by the Bank's strategic focus on no-cost deposit mobilization, which led to a strong 27 percent growth in current deposits. Non-markup income decreased by 4 percent to Rs 17.5 billion. Fee and commission income declined by 13 percent to Rs 9.8 billion, primarily due to intensified competition in the routing of foreign currency remittances through MCB's channels. Foreign exchange income remained stable at Rs 4.9 billion, while dividend income posted a significant increase of 55 percent, reaching Rs 2.6 billion. The Bank continued to benefit from the momentum gained in digital banking, with card-related income rising by 18 percent. Operating expenses increased by 18 percent year-on-year, primarily driven by investments in talent, technology and marketing. However, the cost-to-income ratio summed at 38.05 percent, reflecting disciplined financial management while continuing to invest in innovation and talent development. On the balance sheet side, MCB Bank's total assets grew by 25 percent to Rs 3.38 trillion, supported by a 78 percent increase in investments. Gross advances declined by 36 percent, reflecting a prudent lending approach in response to prevailing macroeconomic challenges. Asset quality remained strong, with non-performing loans at Rs 52.0 billion, infection ratio at 7.42 percent, and coverage ratio maintained at 91.71 percent. Deposits grew to Rs 2.23 trillion, with a historic Rs 256 billion increase in current deposits, reflecting the Bank's continued focus on cost-effective deposit mobilization. This shift in deposit mix helped reduce the domestic cost of deposits to 5.23 percent, down significantly from 10.76 percent in H1 2024. The Bank reported Return on Assets (RoA) of 1.80 percent and Return on Equity (RoE) of 23.66 percent, with Book Value per Share at Rs 197.84. MCB continued to play a leading role in the remittance business, processing USD 2,303 million in home remittances during H1 2025, an increase of 16.7 percent over the corresponding period last year. The Bank remains a key partner in supporting the State Bank of Pakistan's efforts to promote formal remittance channels and drive financial inclusion across the country. The Bank maintained a strong capital position, with Capital Adequacy Ratio (CAR) at 19.61 percent and Common Equity Tier-1 (CET1) at 15.26 percent, well above the regulatory thresholds. Liquidity buffers also remained robust, with Liquidity Coverage Ratio (LCR) at 260.71 percent and Net Stable Funding Ratio (NSFR) at 155.73 percent. The Bank's credit ratings were reaffirmed by the Pakistan Credit Rating Agency (PACRA) at 'AAA' for long-term and 'A1+' for short-term through its notification dated June 23, 2025. Despite external challenges, MCB Bank remains firmly positioned for long-term growth, backed by its prudent risk management practices, strong capital and liquidity buffers, and a continued emphasis on digital transformation and customer-centric innovation. The Bank's strategic focus on operational excellence, cost efficiency, and value creation for all stakeholders remains unchanged. Copyright Business Recorder, 2025
