The government has worked out an action plan for 2022-23 fiscal year for the agricultural sector to ensure food security as the world faces pressure in food production due to Covid-19 pandemic and Russia-Ukraine war, reports UNB.
The plan has been worked out in line with the National Agriculture Policy 2018, Agricultural Extension Policy 2020 and 8th Five Year Plan, according to an official document.
The main aspects of this action plan are to ensure country's food security through increased production of all types of crops, including paddy and maize, innovate adverse environment-tolerant crop variety and technology and roll it out quickly, and develop and enhance the quality of their seeds using biotechnology, said the document obtained by UNB.
The document highlighted optimum use of surface water and solar- powered irrigation, promotion of the production and application of organic fertilisers to safeguard soil health and issuing smart cards to all farmers in the action plan.
Besides, in the new fiscal year, the government will execute actions such as development assistance (subsidies) to keep agricultural input prices as low as possible at the farmer's level.
It will also make available agricultural machinery to the farmers in order to mechanise agriculture, extend 'Synchronised Cultivation' and collaborate in the production, storage and marketing of a variety of vegetables and fruits, including summer onions and tomatoes.
As per the document, the government is providing high subsidies on agricultural machinery and fertilisers.
It said that Russia and Ukraine together play a dominant role in the global fertiliser supply chain. The fertiliser prices increased substantially in the international market because of the Russia-Ukraine crisis, but the government has not increased prices in the domestic market. Rather, it has prioritised farmers' welfare by expanding fertiliser subsidies.
The entire subsidy for fertilisers was estimated at Tk 92 billion in the budget for 2021-2022 fiscal year.
However, international prices for TSP, DAP, and MOP fertilisers went up by 57 per cent, 47 per cent and 177 per cent respectively in May 2022, compared to May 2021 prices.
Under the circumstances, the overall subsidy in 2021-2022 fiscal year for all types of fertilisers amounted to around Tk 120 billion.
The government will provide Tk 160 billion in subsidy for the current 2022-23 fiscal year.
In addition to providing subsidy to the agriculture sector, the government is offering incentives and rehabilitation aid to enhance the productivity.
Besides, the document said, a 20 per cent cash incentive for exports of agricultural products and a 20 per cent rebate on electricity bills is provided for the electricity use in irrigation pumps.
