Islamabad: Finance Minister said that the limit of agri credit is being enhanced to 2250 billion rupees as compared to 1800 billion rupees of the outgoing fiscal year.
Thirty billion rupees have been earmarked for shifting fifty thousand agriculture tube wells to solar energy. He said all taxes and duties on import of quality seeds are being abolished.
Similarly, custom duty on saplings is being waived off. Combined harvesters are being exempted of all duties and taxes in order to promote their use in the field. He said that seeders, rice planters and dryers are also being exempted from duties and taxes to enhance rice production.
Ishaq Dar noted that agro industry can bring revolution in the rural economy. Five billion rupees have been allocated in the budget for the provision of concessional loans to this sector. He said it has been decided that the agro-based industrial units having a turnover of 800 million rupees will be exempted from all sorts of taxes for a period of five years.
Under Prime Minister’s Youth Business and Agriculture Loan Scheme, small and medium loans will be issued on easy installments. For this purpose, ten billion rupees have been earmarked for mark-up subsidy for the next fiscal year. Six billion rupees has been set aside for subsidy on imported urea fertilizer.
The Finance Minister said that small farmers will be provided with loans on low markup with the partnership of provincial governments. For this purpose, a substantial amount of ten billion rupees to increase agriculture production.
