ECC approves proposal to fix cotton intervention price at Rs8,500/40kg.

ISLAMABAD -- The Economic Coordination Committee (ECC) of the Cabinet has approved the proposal 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 Economic Coordination Committee (ECC) of the Cabinet. Ministry of National food Security and Research submitted a summary on cotton intervention price (CIP) for 2023: 24 crop and argued that announcement of CIP 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%. To revive cotton production in the country, bring stability in the domestic market and ensure fair return to the farmers, the ECC after detailed discussion approved the proposal of MNFSR to fix cotton (Phutti) intervention price at Rs. 8,500/40kg for current sowing season. The ECC directed MNFSR to constitute Cotton Price Review Committee (CPRC) with mandate to review market prices. The ECC further directed the Ministry to proactively involve the cotton industry.

The ECC considered a summary of Ministry of Commerce on extension in the shipment period of sugar export and after detailed discussion allowed extension from 45 days to sixty (60) days time limit for shipment of sugar from date of quota allocation. National Disaster Management Authority (NDMA) submitted a summary on financial requirements for NDMA execution plan regarding Pakistan's assistance for Turkey and Syria earthquake: 2023. It was informed that the devastating earthquake caused massive causalities in Turkey...