News

Cotton import to cause heave loss to national exchequer

May 22, 2021 05:43 PM


Twitter Share Facebook Share WhatsApp Share

Another bad news for agriculture-based Pakistan’s economy as just like last year, the country will import cotton this year as well, reported 24NewsHD TV channel on Saturday. 

The 24News TV channel has learned that the cotton import will put an additional burden of Rs1.92 trillion on the national exchequer.

Crop’s cultivation on four million acres of land will fulfill 50 percent of the country’s cotton needs.

See Also: Loans, liabilities reach record level of Rs454 trillion, says SBP

Due to the inefficiency of the agriculture department, last year the crop could be sowed only over 3.5 million acres of land which led to the import of 10 million bales of cotton by the textile sector, and the national exchequer suffered a loss of over Rs1.92 trillion.

Saqib Ali Ateel, secretary agriculture, told 24News TV channel that compared to last year, this year the department planned to use 15 percent more land for cultivation purposes. “So far, we have met 67 percent of the cultivation target,” he informed.

 

Reporter Tayyab Saif



Most Read

  1. Public Holiday announced in Lahore tomorrow Public Holiday announced in Lahore tomorrow
  2. Police claim girl seen in sub-inspector’s video was his second wife Police claim girl seen in sub-inspector’s video was his second wife
  3. Nazish Jahangir to hit any marriage proposal from Babar Azam out of the ground Nazish Jahangir to hit any marriage proposal from Babar Azam out of the ground
  4. Complete results: PML-N sweeps by-elections as PTI-SIC remains empty-handed in Punjab Complete results: PML-N sweeps by-elections as PTI-SIC remains empty-handed in Punjab
  5. Iranian First Lady visits Numl Iranian First Lady visits Numl
  6. Man shoots friend dead in DHA Karachi over personal grudge Man shoots friend dead in DHA Karachi over personal grudge

Opinion

  1. Islamabad becoming the hub of international diplomacy
    Islamabad becoming the hub of international diplomacy

    By Salim Bokhari

  2. Insights into the Pakistan Stock Exchange's Recent Record High Triumph
    Insights into the Pakistan Stock Exchange's Recent Record High Triumph

    By Zulfiqar Ali Mir

  3. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  4. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  5. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  6. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay