(July 24, 2017)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Secretary General of the Businessmen Panel of FPCCI and Former Provincial Minister Mian Zahid Hussain on Monday said agriculture sector is showing dismal results since long which should be noticed.
One of the reasons behind sluggish performance is the loan disbursement system which lacks monitoring, he said.
Mian Zahid Hussain said that during last decade the agricultural sector received loans worth trillions of rupees but the growth remained highly unsatisfactory as most of the farmers use the money for other social obligations like marriage etc.
The Business Leader said that our economy is dependent on agriculture while majority of the exports are also linked to this sector but this sector has never enjoyed attention of the policymakers.
Lending continue to increase but production is not keeping pace with it due to wastage of loans which leave planters burdened with debt which create problems for lending institutions, he noted.
Mian Zahid Hussain said that loans forwarded to small farmers are not enough to buy latest machinery therefore government should consider stop giving loans and try to help farmers use latest technology.
Western countries have not improved per acre yield through loans but by using latest technology and pure inputs, he said, adding that province of Punjab has decided to spend billions of loans to the small farmers and take the burden of interest estimated to be Rs17 billion.
The provincial government should try to introduce latest technology, improve monitoring and create awareness, he demanded.