ECC fixes CIP at Rs8,500 per 40Kg for current sowing season

March 15, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Tuesday fixed the intervention cotton Intervention Price (CIP) (Phutti) at Rs8,500 per 40 kg for the current sowing season, the press statement issued by Finance Division revealed. 

This decision aimed to revive cotton production, stabilize the domestic market, and ensure fair returns for farmers in the country.

The Ministry of National Food Security and Research submitted a summary on CIP for the 2023-24 crop and recommended the announcement of CIP ahead of the main sowing season to help growers make informed decisions.

The ECC directed the Ministry to constitute a Cotton Price Review Committee (CPRC) to review market prices and involve the cotton industry proactively.

In another development, the ECC allowed an extension of the shipment period for sugar export from 45 days to 60 days from the date of quota allocation. This decision was made after detailed discussions on a summary presented by the Ministry of Commerce.

The ECC also approved the allocation of Rs10 billion to the National Disaster Management Authority (NDMA) to provide immediate assistance to Turkey and Syria following a devastating earthquake that caused massive casualties. The NDMA was directed to maximize and extend full support to the affected areas from 6th February onwards.

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