ISLAMABAD: Agriculture credit disbursement increased by 28.3 percent during first seven months of current fiscal year as compared to corresponding period of last year, Finance Ministry said in recent report. During July-January (2022-23), he agriculture disbursement stood at Rs 949.9 billion against disbursement of Rs 740.3 billion during July-January (2021-22), showing growth of 28.3 percent, according to monthly Economic Update and Outlook.

Increased disbursement of agriculture credit is expected to further boost wheat production, leading to target of 28.4 million tonnes, indicating promising outlook for farmers and agricultural sector.

However, favourable weather conditions, availability of high-quality seeds and sufficient fertilizers would be critical in achieving targeted output. According to report, so far, estimates of ongoing Rabi season for wheat sowing in 2022-23 has achieved 96 percent, covering 21.94 million acres. Furthermore, Kissan Package 2022 is expected to have positive impact on agriculture sector’s productivity. Meanwhile, during Rabi 2022-23 (December 2022), urea and DAP off-take stood at 833 thousand tonnes, 39.2 percent higher than December 2021 and 158 thousand tonnes, 35.2 percent higher than December 2021 respectively.

Published in The Daily National Courier, March, 08 2023

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