With the approval of wheat deregulation and the implementation of a free-market strategy throughout the province, Punjab Chief Minister Maryam Nawaz Sharif has made a major contribution to agricultural reform.
Moreover, Punjab government has also unveiled a Rs 15 billion package aimed at supporting wheat farmers facing falling prices during the harvest season, even as farmers staged protests across various parts of the province.
Under the Wheat Support Fund, approximately 550,000 wheat growers will receive direct financial assistance through the Kisan Card. Additionally, farmers have been exempted from irrigation and fixed taxes for the current year.
Regarding the new wheat deregulation and free market policy, farmers now have access to more expansive and competitive markets thanks to this significant ruling that removes limitations on the movement of wheat across provinces. The chief minister declared, “Farmers will now be able to reap the full value of their harvest with the permission to transport wheat freely from Punjab.”
For the first time in Punjab’s history, the private sector will now oversee the procurement of wheat rather than the government. The goal of the action is to improve pricing offerings, promote buyer competition, and increase farmers’ access to markets.
According to officials, the deregulation initiative is a component of a larger plan to support the sustainability and expansion of agriculture. Farmers were commended by the government for producing record amounts of wheat this season.
The government has given over 1,000 tractors for free to help growers even more. These changes are perceived as a step towards Punjab’s agricultural market liberalisation and farmer empowerment.
By making these adjustments, the Punjabi government hopes to establish new benchmarks for the trading of agricultural goods, providing farmers with more authority and more prospects.
The new policy allowing Punjab wheat farmers to set their own prices is expected to lead to better income for farmers.
- Market-Driven Pricing:
Farmers can now determine their own prices based on market demand, which can lead to higher earnings compared to government-fixed rates .
- Increased Competition:
With private sector involvement in wheat procurement, there will be more competition among buyers, potentially driving up prices and benefiting farmers.
- Broader Market Access:
The policy allows for free inter-provincial movement of wheat, enabling farmers to access wider and more competitive markets.
These changes aim to empower farmers, improve their market access, and enhance their overall income potential.