PM Shehbaz Vows Tax Cuts, Agritech Investment for Agriculture Revival

Prime Minister Shehbaz Sharif has committed to lowering taxes on agricultural inputs and encouraging investment in agricultural technology (agritech). This initiative is part of the government’s broader strategy to revitalize Pakistan’s struggling agriculture sector.

“Agriculture constitutes the nation’s foundation, and implementing sustainable reforms within this sector will provide a significant boost to the economy,” stated PM Shehbaz during a review session.

According to a statement issued by the Prime Minister’s Office (PMO), the envisioned agricultural sector reforms are expected to substantially improve per-acre production, leading to reduced production expenses.

“To facilitate farm mechanization, taxes on agricultural machinery and equipment should be progressively decreased,” the Prime Minister directed. He also emphasized the importance of enhancing the storage capabilities for agricultural products.

The Prime Minister called upon provincial governments to propose innovative projects and allocate funds for the advancement of the agricultural domain.

He also mentioned that the government has refrained from imposing any new taxes on fertilizers and agricultural chemicals in the upcoming budget, demonstrating its commitment to agricultural development.

PM Shehbaz voiced his optimism that individuals who have received agricultural scholarships in China will contribute significantly as entrepreneurs to further develop Pakistan’s agriculture sector.

During the meeting, the Prime Minister received proposals regarding agricultural sector reforms, with particular emphasis on increasing agricultural output, upgrading agricultural infrastructure, and ensuring farmers have easier access to agricultural credit.

Attendees were informed that the National Agriculture Innovation and Growth Action Plan is designed to enhance farmers’ income, boost production, and introduce constructive reforms.

It was noted that by enhancing the value of the agricultural sector, farmers’ earnings can be augmented through exports, generating valuable foreign exchange.

The meeting saw the participation of Federal Minister for Food Security Rana Tanveer Hussain, Federal Minister for Climate Change Dr. Musaddiq Masood Malik, Prime Minister’s Chief Coordinator for Agriculture Musharraf Zaidi, Prime Minister’s Chief Coordinator for Agriculture Ahmed Umair, private sector entrepreneurs operating in the agricultural sector, and high-ranking government officials.