Arooj Zulfiqar

Pakistan's agriculture sector has become a pivotal force in the current fiscal year, achieving a notable 5.02% economic growth compared to the previous year's second quarter, according to a report by the National Accounts Committee, as cited by WealthPK. This surge in agricultural growth owes much to the strategic governmental initiatives, particularly in augmenting agriculture credit allocations and ensuring timely disbursement of loans to the farmers, facilitating the acquisition of essential inputs. According to the data released by the Ministry of Finance in a monthly outlook for April, farm tractor production and sales during Jul-Mar FY2024 soared to 36,133 and 35,199 units, respectively, reflecting a remarkable increase of 59.7% and 65.8% over the corresponding period last year. Agriculture credit disbursement during Jul-Feb period of FY2024 showed a significant increase of 33.6% to reach Rs1,434.3 billion from Rs1,073.5 billion during the same period last year.

Furthermore, urea offtake during Rabi 2023-24 (Oct-March) was 3,525 thousand tonnes (1.6% increase) whereas DAP offtake was 874 thousand tonnes, which is 23.1% higher than Rabi 2022-23. Specific crop segments have demonstrated exceptional growth rates. Cotton production surged by an impressive 108.2% to 10.22 million bales, up from 4.91 million bales last year. Rice production also experienced a notable upswing of 34.8%, reaching 9.87 million tonnes compared to 7.32 million tonnes in the previous year. Maize production increased by 5.6%, totaling 11.6 million tonnes against 10.98 million tonnes last year. These achievements signify a robust agricultural outlook, fostering enhanced productivity and output. While crop production flourished, other sectors in the agriculture sector showcased steady growth rates. Livestock, forestry, and fishing expanded by 4.34%, 3.61%, and 0.78% respectively, contributing to the sector's overall resilience and diversification.

Wheat, a vital Rabi crop crucial for food security, saw a notable 6.7% increase in area sown according to the available estimates, heralding positive prospects for meeting the targeted production of 32.12 million tonnes, contingent upon favorable rain patterns. With ongoing harvesting activities, comprehensive production data will be forthcoming, providing a comprehensive outlook on the sector's performance. Overall, the surge in agriculture's contribution to the economic growth underscores its pivotal role in sustaining Pakistan's economic trajectory, bolstered by proactive governmental measures and a resilient farming community poised for continued success.

Credit: INP-WealthPk