Prime Minister Shehbaz Sharif has ordered a phased reduction in taxes on agricultural machinery to promote modern farming and increase productivity in Pakistan’s vital farm sector. This move aims to support farmers and drive economic growth.

During a high-level agriculture meeting on Wednesday, the prime minister called the sector the “backbone of the national economy.” He emphasized the need to improve crop yields, reduce input costs, and modernize farming practices amid rising criticism over falling agricultural output.

Shehbaz Sharif also confirmed the government’s decision, supported by the IMF, to avoid introducing new taxes on fertilizers and pesticides in the upcoming budget. This pledge is expected to keep prices stable for essential farming inputs.

Officials reviewed progress on the National Agriculture Innovation and Growth Action Plan, highlighting efforts to increase cold storage, expand affordable credit for farmers, and boost exports of processed agricultural products. So far, 129 agri-tech startups have launched under the National Technology Fund’s “Ignite” initiative.

The prime minister welcomed provincial commitments to co-finance agricultural projects and urged faster progress on improving storage and transport infrastructure. He also expressed hope that Pakistani students and scientists returning from China would help innovate and lead in agriculture development.

The meeting included key ministers and senior officials, focusing on reforms such as tax relief for farm machinery, better logistics, easier financing for farmers, and stronger promotion of agricultural exports. These efforts signal a push toward sustainable growth and innovation in Pakistan’s agriculture sector.

Source - https://dailytimes.com.pk