ECC raises wheat support price by Rs50 per 40kg
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday increased the minimum support price of wheat from the current Rs 1300 per 40 kg to Rs 1350 per 40 kg to safeguard the interests of the growers and ensure food security for the masses, ARY News reported.
According to a statement issued by the ministry, the decision to raise the wheat price by Rs 50 per 40 kg was taken at a meeting of the ECC of the cabinet held at the cabinet bock with Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh in the chair
The ECC was told that the minimum support price of Rs 1300 per 40 kg for wheat had not been enhanced for the last five years.
The ECC discussed the issue in detail and in view of the world wheat price hovering around Rs 1575 per 40 kg with and Rs 1440 per 40 kg without duties and customs duties, decided to enhance the minimum support price for the next crop of wheat from the current Rs 1300 per 40 kg to Rs 1350 per 40 kg, read the statement.
The ECC also asked the Ministry of National Food Security and Research to approach the provinces well in time to make adequate wheat procurement in the coming season failing which any request from provinces for releases from Pakistan Agricultural Storage and Services Corporation (PASSCO) would entail 100 per cent payment of incidental charges.
The ECC also asked for chief secretaries or their representatives from the provinces to be invited to attend the next ECC meeting, and directed the Ministry of Finance to present to the ECC a detailed presentation on the rising circular debt on the commodity operation which had already crossed Rs 450 billion.