ECC fixes cotton intervention price at Rs8,500 per 40 kg.

ISLAMABAD -- Economic Coordination Committee (ECC) of the Cabinet on Tuesday fixed cotton (Phutti) intervention price at Rs 8,500 per 40Kg for current sowing to revive cotton production, bring stability to the domestic market and assure fair return to the farmers in the country.

The ECC met here with Minister for Finance and Revenue Senator Mohammad Ishaq Dar in chair as the meeting was attended by Minister for Industries and Production Syed Murtaza Mahmud, Minister for Commerce Syed Naveed Qamar, Ex Prime Minister Shahid Khaqan Abbasi , SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, federal secretaries and other senior officers.

Ministry of National food Security and Research submitted a summary on cotton Intervention Price (CIP) for 2023-24 Crop and argued that the 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%.

The ECC directed the Ministry of National Food Security and Research to constitute Cotton Price Review Committee (CPRC) with a mandate to review market prices. The ECC further directed the ministry to proactively involve the cotton industry.

The ECC considered a summary of the Ministry of Commerce on an extension in the shipment period of sugar export and after detailed discussion allowed an extension from 45 days to 60 days time limit for shipment of sugar from the date of quota allocation.

National Disaster Management Authority (NDMA) submitted a summary on financial...