Arooj Zulfiqar

Pakistan's agriculture sector has experienced a significant boost with increased production of key crops – rice, cotton, maize and wheat – driving the nation's economic recovery during the fiscal year 2023-24. According to the data released by the Ministry of Finance in its monthly outlook for April, a 5.02% year-on-year growth was reported in the second quarter of FY24. According to State of Pakistan’s Economy report for 1HFY24 released by the State Bank of Pakistan, the ongoing year witnessed a substantial increase in the production of major crops. Rice production surged by 34.8% to 9.87 million tonnes against 7.32 million tonnes last year, marking a remarkable achievement in meeting domestic demand and potential for export growth. The production of cotton, a crucial cash crop for Pakistan, increased by 108.2% to 10.22 million bales against 4.91 million bales last year, providing a much-needed boost to the textile industry and export earnings. Maize production also increased by 5.6% to 11.6 million tonnes against 10.98 million tonnes last year. The production of wheat, an important Rabi crop, recorded an increase of 6.7%, which will have positive implications for Pakistan’s efforts to ensure food security.

Talking to WealthPK, Muhammad Azeem Tariq, a senior scientific officer at the National Agriculture Research Centre, Islamabad, said Pakistan's recent agricultural performance was a clear indicator of the sector's capability to drive economic growth. He said, “The impressive growth in rice, cotton, maize, and wheat production reflects the resilience and adaptability of Pakistan's agriculture sector. This trend not only ensures food security but also strengthens the country's position in international markets, attracting investment and fostering sustainable growth.” He added, “The agriculture sector's recovery can be largely attributed to effective government initiatives, particularly through enhanced input supply and increased credit disbursement to farmers. These measures have provided farmers with the necessary resources and financial support to boost productivity and overcome challenges, leading to significant improvements in crop yields and overall agricultural performance.” Furthermore, he said the adaptation of modern agricultural practices and advanced seed varieties had been instrumental in achieving these results. “However, continued investment in research, infrastructure and farmer training is crucial to sustain this momentum and maximize the sector's potential for economic recovery,” he stressed.

Credit: INP-WealthPk