Agriculture Sector To Grow By 3.5% In FY24

Agriculture Sector Agriculture sector is expected to grow by 3.5% during the fiscal year 2023-24, according to Annual Plan released by the government here on Friday

ISLAMABAD, (UrduPoint / Pakistan Point News - 9th Jun, 2023 ) :Agriculture Sector Agriculture sector is expected to grow by 3.5% during the fiscal year 2023-24, according to Annual Plan released by the government here on Friday.

According to the plan, the growth would be achieved with expected contributions of important crops (3%), other crops (3.5%), cotton ginning (7.2%), livestock (3.6%), forestry (3%) and fishing (3%).

However, it says, agricultural growth will be contingent upon expected favourable weather conditions, ample availability of water, certified seeds, fertilizers, pesticides and agriculture credit facilities at affordable costs for revival of the crops.

Moreover, increased productivity of livestock subsector is imperative for the revival of the sector. The revival of cotton and sufficient production of wheat will not only support growth momentum but will also ease out balance of payments pressures through lesser import requirements.

During the outgoing fiscal year (2022-23), the agriculture sector was envisaged to grow by 3.9% in the Annual Plan 2022-23 given a strong crop sector performance of previous year.

However, during June-August 2022, torrential rains and flash flooding led to an unprecedented disaster in various parts of the country.

As per Post-Disaster Need Assessment (PDNA), the sector suffered the greatest damage and loss of around $13 billion.

Crops contributed to 82% of total damage and losses in the sector, followed by livestock with 17% and fisheries/aquaculture with the remaining 1%. Around 4,410 million acres of agricultural land was damaged, and 0.8 million livestock were estimated to have perished.

In this backdrop, the sector posted a growth of 1.5% during 2022-23 as compared to last year's growth of 4.3%.

The output of Kharif crops of cotton and rice decreased by 41.0% and 21.5% respectively due to floods.

Cotton was also affected by a rise in temperature in beginning of the season, shortage of irrigation water in March-May and pest attacks. Sugarcane being water resistant crop remained mostly unaffected by floods and posted a growth of 2.8%.

Moreover, output of Rabi crops of wheat and maize registered growth of 5.4% and 6.9%, respectively.

The crops benefitted from soil moisture and fertility impact of floods, availability of certified seeds and low temperature at the end of the season.

Three out of five major crops attained their highest ever output level but still important crops registered contraction mainly because of extraordinary losses incurred to cotton due to floods.

Value added in other subsectors of agriculture increased with growth in other crops recorded at 0.2%, livestock (3.8%), forestry (3.9%) and fishing (1.4%).