June 26, 2024, 3:03 am

ANM Mohibub Uz Zaman

2023-05-31 18:22:17 BdST

Agri-economists suggest sufficient allocation on agriculture

Agri-economists recommend a higher allocation in the Annual Development Plan (ADP) to effectively boost agricultural production.

Though the government is giving priority to agricultural production, the sector needs more allocation to boost production.

In FY 2023–24, the allocation of the Annual Development Programme is going to increase by six billion, which is Tk 107 billion (4.07 percent), according to the Ministry of Planning.

In FY 2022–23, the annual development programme allocation for agriculture was Tk 101 billion.

In the last few years, ADP on agriculture has increased to keep the production of agriculture uninterrupted in the country and achieve food and nutrition security.

Agricultural economist Dr Jahangir Alam Khan said that the ADP in the agriculture sector is only four percent of the total ADP, which is much lower.

"The ADP should be 10 percent of the total ADP. Agriculture is the key element to increasing the food security of the country. To increase food security, we have to develop new technology," he said.

Development of the new technology depends on how the allocation gets on the ADP, he said.

Global food production, procurement, fertiliser prices, storage, and the entire supply chain, including agricultural marketing systems, faced unprecedented challenges after the Russia-Ukraine war.

In this fiscal year, the government gives priority to agriculture research and expansion services, farm mechanisation, irrigation, seed, and agricultural subsidies, including fertiliser subsidies.

To modernize the agriculture sector, the government has taken up many projects.

Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.

Popular Article from Economy