Punjab Chief Minister (CM) Maryam Nawaz has announced plans to establish the province’s first Apna Kisan Bank, alongside Rs17bn in subsidised agricultural loans and an increase in financing under the Kisan Card scheme.
The announcements were made during a meeting with representatives of small, medium and large-scale farmers.
Under the proposed financing scheme, farmers will be eligible for loans of up to Rs10m at zero markup, up to Rs30m at an interest rate of 2% and up to Rs50m at 5%.
The financing will be provided through the Punjab Urban Unit, according to the announcement.
Maryam Nawaz also increased the Kisan Card loan limit for purchasing diammonium phosphate (DAP) fertiliser by Rs3,500 per acre, from Rs30,000 to Rs33,500.
She said the Rs17bn in subsidised financing would benefit farmers cultivating approximately five million acres.
The chief minister said the provincial government would work with the federal government to ensure implementation of the wheat support price of Rs4,500 per maund.
She also announced plans to introduce an online portal to digitise wheat procurement, adding that the government would formally launch its wheat procurement plan soon.
Maryam Nawaz said the government had resisted pressure to impose agricultural income tax on farmers and remained committed to protecting their interests.
She said more than one million small farmers were benefiting from the Kisan Card scheme, which provides access to agricultural inputs, including fertiliser, seeds and pesticides.
The chief minister said 25,000 tractors had already been provided to farmers through subsidies, adding that the Green Tractor Scheme would be expanded.
She said Rs70bn had been allocated for high-tech agricultural mechanisation.
The initiative was also encouraging the establishment of agricultural machinery factories and local production of tractors ranging from 85 to 100 horsepower, she added.
Plans were also announced to establish agro-parks in Sargodha, Bhakkar, Khanewal and Okara to improve farmers’ returns.
On irrigation, Maryam Nawaz said the government was taking action against water theft to ensure that supplies reached farmers at the tail end of irrigation channels.
She said around 400 mini-dams had been completed in the Potohar region, with the government aiming to increase the number to 1,000.
The announcements form part of the provincial government’s efforts to expand agricultural financing, promote mechanisation and improve support for farmers.
