ISLAMABAD: The government has fixed a target of agricultural credit for 2016-17 at Rs 680 billion in the 11th Five Year Plan.
Keeping in view the enthusiasm of the banks, push by the State Bank of Pakistan and support by the Government, it is expected that this target would be achieved, official sources told APP.
The investments are being made for water resources development to ensure the needed additional water supply. Public sector was investing on conservation and efficiency improvement of water use, a source added.
The government is committed to provide ample finances for agriculture operations.The PSDP allocation for water sector was Rs 31 billion for 2106-17 besides the investments of the provinces. About 134.56 MAF water was expected to be available for agriculture purpose in this year. Current decline in diesel prices has reduced the operational cost of farming.
However, as a long-term strategy, investments are being made in sources of alternative energy (solar) and high-efficiency irrigation systems in the provinces to economize the water use in agriculture of the country.
The source said that the agricultural mechanization is facing multiple challenges related to farm machinery and equipment,infrastructure, technology, markets, operations, legislation, financing, policy framework.
Moreover, land holdings, cropping patterns, market price of crops, and availability of labor and cost of labor are the major factors deciding the agricultural mechanization.
Source: Daily times