Govt decides to export one other 1m tons of potato

ecc-lifts-25pc-regulatory-duty-on-potato-export

Other than permitting sugar export, the Financial Coordination Committee (ECC) of the Cupboard on Wednesday determined to raise a Regulatory Responsibility (RD) on export of potatoes after the commodity worth has declined considerably within the nation.
The ECC, which met underneath the chair of Finance Minister Senator Ishaq Dar, has taken up the proposal of Ministry of Nationwide Meals Safety and Analysis to raise RD on potatoes export. The ECC lifted the 25laptop regulatory responsibility on the export of potato paving method for its export.
The federal authorities in Might 2014 had imposed 25 p.c regulatory responsibility on the export of potatoes on the suggestions of Ministry of Nationwide Meals Safety and Analysis when potato costs had soared to Rs 90 per kg.  Nonetheless, the highest financial choices making physique of the nation, ECC, has now determined to raise the RD on the potatoes holding in view the declining costs of the commodity within the nation. The potatoes costs have at the moment come right down to Rs 30 per kg from increased facet of Rs 90 per kg. It’s price mentioning right here that potatoes worth had recorded unprecedented surge in final seven-eight months, which went to round Rs 80-90 per kg in numerous elements of the nation. Finance Minister Senator Ishaq Dar a number of instances instructed the media that potatoes worth might go to Rs 120 to Rs 130 per kg if authorities didn’t take measures like imposing RD responsibility on exports of potatoes and never abolishing gross sales tax, Customs responsibility and withholding tax on the import of potatoes.
The ECC chair was knowledgeable that farmers had planted the crop on ten p.c bigger space this yr and ample yield was on the playing cards, certainly making a surplus. The choice would come into drive w.e.f from 20th of December. The chair whereas permitting lifting of responsibility, with consensus of the home directed for formation of a committee comprising Secretary Commerce and Secretary Nationwide Meals Safety to intently monitor the market scenario and hold the ECC up to date recurrently. “Curiosity of the native shoppers can also be to be saved in view”, Finance Minister remarked.
In the meantime, sources knowledgeable that ECC has additionally allowed sugar millers to export sugar of 6,50,000 tones by Might 31 2015. A delegation of Pakistan Sugar Mills Affiliation (PSMA) led by its Chairman Iskandar Khan met Finance Minister Senator Ishaq Dar few days again and mentioned with him problems with sugar trade. Sugar mills’ representatives additionally demanded additional disposal of 1.25 million tones of sugar by way of export.
The ECC authorised Ministry of Water and Energy’s proposal relating to Modified Coverage Framework for on-site non-public energy tasks based mostly on interim gasoline provide with amendments as highlighted by Ministry of P&NR and FBR. The Federal Board of Income made it clear that no new SRO will likely be issued to facilitate the on-site energy tasks, nonetheless they might avail advantages underneath present provisions. It was additionally agreed that to safe cost of gasoline provides, sellers will present a Financial institution Assure or standby letter of credit score, equal to mutually agreed interval’s cost of gasoline element tariff, issued by a scheduled financial institution.
On a proposal moved by the Ministry of Water and Energy, the ECC authorised the proposed settlement between TPS Guddu (GENCO- II) and M/s Engro to be used of 60MMCFD gasoline from Mari Shallow by M/s Engro until December 2015 in lieu of gasoline booster compressors to be put in by Engro for GENCO-II. On one other proposal dropped at the ECC by Ministry of W&P, the ECC authorised public disclosure of “Pakistan Vitality Sector Reform – Quarterly Progress Report of Growth Coverage Operations”. ADB, Asian Growth Financial institution, JICA and WB supported GOP’s initiative and developed a sectoral reform programme by way of the Authorities of Pakistan. The plan covers tariff administration, enchancment of sectoral efficiency, incentivising non-public sector participation and enchancment of accountability and transparency. The programme is unfold over 5 years.
The primary quarter evaluation of the programme was introduced to the ECC and the progress report was mentioned intimately. ECC was knowledgeable that each one duties required underneath the programme in first yr have been efficiently accomplished. Earlier on the outset of the assembly, Secretary Cupboard knowledgeable that an Implementation Cell had been established on the Cupboard Division consistent with the directions of the Chair to make sure implementation of the selections taken by the esteemed discussion board. The Finance Minister could be given an replace on the implementation standing at each ECC assembly, the Cupboard Secretary mentioned.

2 Comments

  1. The removal of export duty should have been done in december so that the export could have started one month before and the import ban on potatoes from India should have been imposed at the start of november so that the farmers could early harvest their potatoes and sell them earlier so that at time of actual big harvest there was less load in market and hence this price crash wouldnot have happened. PML-N government should stop hurting farmers badly and make policies on time.

  2. Last year in may 2014 , finance minister ishaq dar was determined and adament to bring potato prices down from rs 55 to rs 30 and as a result we ate potatoes grown by hindus (india)during holy month of ramzan. The pakistani farmers were thus not able to reap full benefits of once in a lifetime chance of potato price escalation and instead pml ( n) govt helped indian farmers. where is mr ishaq dar today when pakistani farmers are on streets because potatoes are being sold at rs 5 only as kg .

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