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ECC approves Rs200 increase in support price for wheat

ECC approves Rs200 increase in support price for wheat
October 26, 2020 05:56 pm

ISLAMABAD (92 News) - The ECC has approved Rs200 increase in the support price for wheat.

The ECC meeting held under the chair of Finance Adviser Hafeez Shaikh in which it approved an increase of Rs200 per 40kg for the support price of wheat. The support price of wheat has been fixed at Rs1600 per 40kg.

It is pertinent to mention here that now the wheat price per 40kg has increased to Rs1600 from Rs1400.  The ECC meeting was given a detailed briefing on wheat imports organized by TCP. By January 2021, TCP will import one million metric tons of wheat.

It was informed in the briefing that earlier the support price of wheat was fixed at Rs1400. The support price of wheat has been revised four times since 2010.

According to the statement, on the request of the Ministry of Food Security, it was also approved to increase the import volume of wheat from 1.5 million metric tonnes to 1.8 million metric tonnes. It was also decided to import 300,000 tonnes of wheat from Russia at the government level.

The ECC also approved the issuance of 50 per cent tariff subsidy difference to the power division. The amount Rs65.8 billion, which has to give power division, will be given to the power generating companies.

The final approval will be given by the federal cabinet tomorrow. This year, the subsidy price of wheat was fixed at Rs 1,400. On the other hand, the ECC also approved to provide additional power to industries at Rs 12.96 per unit.

Pakistan is currently facing wheat shortage and has also initiated import of the wheat that cost more to the country than its own production.

Recently, Pakistan imported Russian wheat that cost Rs2000 per 40kg and experts were of the view that support price of wheat should have been increased in the country to encourage and support the farmers to get a wheat crop that suffices the country’s needs.

The ECC has also approved the government to government import of 300000 tonnes of wheat to overcome the wheat shortage crisis in the country.

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