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TCP to buy 1mn cotton bales at new support price
07 Oct '14
1 min read
The Trading Corporation of Pakistan (TCP) will buy one million bales of cotton at the new support price announced at the beginning of the month.
A meeting of the Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Mohammad Ishaq Dar, approved the support price of Pk Rs. 3000 per 40 kg of base grade 3 cotton, as recommended by the Agriculture Policy Institute.
The new support price for seed cotton 2014-15 crop would benefit the farming community, and the TCP will accordingly procure one million bales of cotton at the support price, Ministry of Finance said in a statement.
Referring to the recent floods in some parts of Pakistan, Finance Minister said, “The Government is aware that the recent floods have badly affected a large part of the agriculture sector. We are cognizant of difficulties faced by our farmers and we shall fully support them in this hour of need.”
Pakistan’s cotton production during the ongoing season is expected to cross the 14 million bale mark. (RKS)
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