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'Agricultural sector
needs 40,000 tractors annually'
Karachi-Khair Muhammad Junajoo, Federal Minister for
Agriculture, Food and Livestock Saturday underscored need of
40,000 tractors annually to increase farm power to achieve
growth rate of 5%.Speaking at Launching of U-530 special and
640 standards tractors and dealers performance award ceremony
organized by G.M Tractors here in Karachi on Jan 26, 2002, he
said use of modern technology in agriculture production
system, including farm machinery has helped to sustain
production of crops in the country.
He viewed that during 1998-2001 the sale of tractors was
registered at 100000 and presently there is only one tractor
each 90 hectare which is much lower than India where it is
about 20 hectares per tractor.
He said availability for credit for purchase of tractors and
other agricultural machines and inputs lessen farmers initial
investment in agriculture. Agriculture Development Bank of
Pakistan ADBP and other commercial Banks are providing
agricultural credits
to the farming community, he noted. Junajoo said in past 90
percent of tractor purchase was on credit where as it has
reduced to 50 per cent in last 3 year.
he noted that a room for private investors including leasing
companies exists to enter into loaning in agriculture sector
and assured that government will support such arrangement. He
noted the present equity rates of 15-25% for agriculture
credit has been set up by the government after thorough
consideration. Under present financial crunch of ADBP it is
not possible to further lower the equity rate, however, with
improvement in economy further reduction would be considered,
he observed.
He emphasized the tractor manufacturers to improve quality of
their products and expand their dealer network to facilitate
the farming community by providing adequate supply of spare
parts and improve after sale service. "This will not only
increase their
demand in local market but will also open doors for export to
other countries", he stated.
He viewed that the introduction of Universal 640 and 530
special by G.M Tractor is a right step in modernizing
agriculture sector of the country. "It is heartening that G.M.
Tractors has planned to sell 3000 tractor annually and will
thus contribute positively in
increasing farm level power and keep prices affordable', he
added.
M. Iqbal G.M, Managing Director , G.M Tractors, M. Munawar G.
M. Director Finance and A. Wahab G. M, Director Marketing also
spoke.
January 27, 2002
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