(April 01, 2022)
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Friday said the wheat production target has failed due to an unprecedented increase in the price of fertilizer and its black marketing.
The wheat production target has been missed by over two million tonnes stoking fears regarding food security.
Mian Zahid Hussain said that wheat should be imported without delay otherwise profiteers will find an opportunity to skin masses.
Talking to the business community, the veteran business leader said that the production target of wheat was set at 28.9 million tonnes but the country could only achieve 26.8 million tonnes.
The area under wheat was estimated at 9.2 million hectares, but farmers planted wheat on 8.99 million hectares, while weather conditions also reduced its production.
Egypt is the largest importer of wheat in the world and it is negotiating with India for the purchase of wheat but we are wasting our time which will provide another opportunity to profiteers and hoarders.
If wheat is imported from India, we will have to pay a lower price while Pakistan will also be able to keep the local prices of potatoes, tomatoes, dates and other commodities stable by exporting additional quantities to India which will save the farmers from losses, he said.
Mian Zahid Hussain said that peace cannot be achieved unless Pakistan and India become more dependent on each other.
He noted that the economy and people are being affected by the increased political temperature and the process of planning a budget is also facing difficulties.
The effects of violating the agreement reached with the IMF are becoming visible as a breach of the agreement with the lender has become a major obstacle in the way of budget making.
This year, Pakistan’s external financing needs are $30.4 billion, which will reach $35 billion next year which will be more than 10 percent of GDP.
Mian Zahid Hussain said that unless the income tax is levied as much as the salaried class pays, the country can never be prosperous nor can it get rid of debts. For this, bringing the agricultural tax under the central government is of fundamental importance.
