ECC increases minimum support price for wheat by Rs1.25/kg | CustomNews.pk

ECC increases minimum support price for wheat by Rs1.25/kg

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has increased the minimum support price of wheat from the current Rs1300/40 kg to Rs1350/40 kg to safeguard the interests of the growers and ensure food security for the masses. The decision to raise the wheat price by Rs50/40 kg was taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet held at the Cabinet Block with Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh in the chair. The ECC was told that the minimum support price of wheat had not been enhanced for the last five years. However, in view of factors such as the world wheat situation, cost of production, export-import parity prices and domestic producer prices, an appropriate support price for the next wheat crop was necessary to meet the cost of production which had risen in 2019-20 to Rs 1349.57/40 kg in Punjab and Rs 1315.72/40 kg in Sindh as per findings of the Agriculture Policy Institute. The ECC discussed the issue in detail and in view of the world wheat price hovering around Rs 1575/ 40 kg with and Rs 1440/40 kg without duties and customs duties, decided to enhance the minimum support price for the next crop of wheat. The ECC also asked the Ministry of National Food Security and Research to approach the provinces well in time to make adequate wheat procurement in the coming season failing which any request from provinces for releases from Pakistan Agricultural Storage and Services Corporation (PASSCO) would entail 100 per cent payment of incidental charges.
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