Finance Minister AHM Mustafa Kamal said on Sunday the government would put restrictions on rice imports to protect farmers in the wake of falling paddy prices.
The government would try to export rice, if needed, by subsidising farmers to offset the price fall, he added.
"We have to protect farmers. What we can do on the part of the government, we'll restrict imports. We'll do this on the part of our government. We must restrict imports."
"Rice imports can't be banned and it won't go to the banned items' list. We'll do it through fiscal and monetary measures…," Mr Kamal continued.
He said this when the country's agriculture development personality Shykh Seraj met him at his external resources division office.
Mr Seraj placed a set of recommendations before the minister on agriculture for considering their inclusion in the national budget for the fiscal year 2019-20.
In return, Mr Kamal said the government would have to save farmers as they are the lifeline for the country since they supply food to the countrymen.
"If farmers are not protected," he said, "they would cease to produce crops. It's a disgrace to the government and the people."
The government would take fiscal measures to ease agro-equipment imports to encourage mechanisation in agriculture production, he said.
About the use of farm machinery, Mr Kamal said awareness has to be heightened so farmers can use modern machinery in farming and harvesting.
The government will flood the market with modern agro-equipment irrespective of good or bad yields, he added.
Mr Kamal said, "We'll take every measure to encourage (use of) modern agricultural equipment. We'll import them and provide subsidies."
The government does not want to gain taxes from agricultural equipment imports, he added.
Mr Kamal urged Mr Seraj to launch a pilot programme to popularise the use of modern equipment in agriculture.
These modern machines and tools would ultimately reduce farmers' production cost and enhance productivity.
The minister said the country has witnessed huge food grain production this year, including paddy.
Simultaneously, neighbouring nations have also seen huge production growth. "This is the reason why there is no such demand for rice in neighbouring countries."
Kamal said paddy supply is now much higher than its demand. So, farmers are not getting fair prices. In some cases, they are not even recovering production costs.
Vegetable production has increased significantly due to government steps to export through giving subsidy.
Bangladesh has become fourth in the world in vegetable production, he stated.
Mr Kamal suggested that the government export rice by giving subsidy.
He also spoke of introducing poultry insurance to help protect this sector from sudden collapse alongside reducing import duty on farm machinery for the sake of affordability of farmers.
Mr Kamal, however, ruled out the possibility of introducing crop insurance. It has failed globally.
He said crop insurance might discourage farmers from production. "It'll be a disaster for the economy and the country as a whole."
But the minister wants to introduce crop insurance in haor (wetland) and char (shoal) areas on a pilot basis by creating cooperatives.
"If the programme succeeds, we'll launch this in other areas," he went on to say.
About climate change, Mr Kamal said Bangladesh alone is not affected by climate change impacts, adding: "Global efforts are needed to minimise effects."
Mr Seraj said farmers would not be able to produce rice without agricultural subsidy.
The government has to ensure fair prices of rice by taking necessary administrative and fiscal measures, he suggested.
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