10 hours ago
- Business
- Business Recorder
PM pledges tax cuts on farm inputs, boost to agritech
Prime Minister Shehbaz Sharif on Wednesday pledged to reduce taxes on agricultural inputs and promote investment in agritech, as part of the government's efforts to revive Pakistan's struggling agriculture sector.
'Agriculture is the backbone of the country, and sustainable reforms in the agriculture sector will further boost the economy,' PM Shehbaz said, while chairing a review meeting.
According to a statement released by the Prime Minister's Office (PMO), the prime minister said that reforms in the agriculture sector will significantly increase production per acre, which will further reduce production costs.
'Taxes on agricultural machinery and equipment should be gradually reduced to promote farm mechanisation,' he said. Moreover, steps should be taken to increase the storage capacity of agricultural commodities.
The premier urged provinces to come up with new projects and funds for the development of the agriculture sector.
He said that the government has not imposed taxes on fertilisers and agricultural chemicals in the upcoming budget for the development of agriculture.
PM was hopeful that people sent to China on agricultural scholarships would render valuable services as entrepreneurs for the development of Pakistan's agriculture sector.
During the meeting, the prime minister was presented with proposals regarding reforms in the agricultural sector, especially in terms of increasing agricultural production, agricultural infrastructure and easy access to agricultural credit for farmers.
The attendees were briefed that the National Agriculture Innovation and Growth Action Plan focuses on increasing farmers' income, increasing production and reforms in the right direction.
By adding value to the agricultural sector, farmers' income will be increased from exports and valuable foreign exchange will be earned, it was said.
The meeting was attended by Federal Minister for Food Security Rana Tanveer Hussain, Federal Minister for Climate Change Dr Musaddiq Masood Malik, Prime Minister's Chief Coordinator for Agriculture Musharraf Zaidi, Prime Minister's Chief Coordinator for Agriculture Ahmed Umair, private sector entrepreneurs associated with the agricultural sector and senior government officials.
