Cabinet hikes cotton intervention price by Rs 1,800


ISLAMABAD, MAR 17 (DNA) — The Federal Cabinet has given its nod to raise the cotton intervention price by Rs1,800 and fix it at Rs8,500 per maund in an attempt to protect the growers against possible exploitation by mafias, according to sources.

The decision was taken at the Federal Cabinet meeting which was held in Islamabad on Friday under the chair of Prime Minister Shehbaz Sharif. It may be mentioned here that a couple of days ago the Economic Coordination Committee (ECC) of the Cabinet had proposed to fix cotton (Phutti) intervention price at Rs8,500 per 40kg for current sowing season.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the ECC. Ministry of National food Security and Research submitted a summary on cotton intervention price for 2023-24 crop and argued that price announcement at this time, ahead of the main sowing season will help growers decide about the area and investment in cotton crop and expected to enhance yield and area by 10-15%. — DNA