ISLAMABAD - The agriculture credit disbursement increased by 28.3 percent during the first seven months of the current fiscal year as compared to the corresponding period of last year, the finance ministry said in a recent report. During July-January (2022-23), the agriculture disbursement stood at Rs.949.9 billion against the disbursement of Rs.740.3 billion from July-January (2021-22), showing a growth of 28.3 percent, according to monthly Economic Update and Outlook. The increased disbursement of agriculture credit is expected to further boost wheat production, leading to a target of 28.4 million tonnes, indicating a promising outlook for farmers and the agricultural sector. However, favorable weather conditions, the availability of high-quality seeds, and sufficient fertilizers would be critical in achieving the targeted output. According to the report, so far, the estimates of ongoing Rabi season for wheat sowing in 2022-23 have achieved 96 percent, covering 21.94 million acres. Furthermore, the Kissan Package 2022 is expected to have a positive impact on the agriculture sector’s productivity. Meanwhile, during Rabi 2022-23 (December 2022), urea and DAP off-take stood at 833 thousand tonnes, 39.2 percent higher than December 2021, and 158 thousand tonnes, 35.2 percent higher than December 2021 respectively.
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