The price of Basmati paddy jumped from Rs 850 to Rs 1200 per 40 KG in ten days when 90% growers had already sold their produce at the rate of Rs 765 to Rs 850 per 40 KG, causing a net loss of Rs 20 billion to the farmers.
Talking to Business Recorder here on Wednesday, Director Basmati Growers Association Farooq Bajwa said that this huge loss to the farmers occurred due to the mismanagement and apathy of the federal and provincial governments as they failed to arrange the financial limits from the banks to the rice millers and to the middle man in October, resulting crash of paddy price and cash starved growers had to sell their produce at the throw away price.
He said as the bank limits were renewed on 1st of December the prices have escalated with the improved financial availability to the middle man and the millers. Bajwa said that the growers of all variety have suffered a loss of Rs 70 billion in all over the country as compared to last year’s price.
If the government had arranged the bank limits at the start of the paddy harvesting, the growers would have benefited instead of the middle man and millers Bajwa said the country produces 7 million ton rice per year which is the need of only two countries Iran and Saudi Arabia and this market has been captured by India in exchange of oil purchases.
News source: Business Recorder
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