Speedy import of Indian wheat to stabilize local market:IWCCI

Lahore:  The Islamabad Women’s Chamber of Commerce and Industry (IWCCI) on Sunday said federal government should immediately accept proposals of Punjab government to avert a severe food crisis in the country which is in the making.

Country is heading towards food insecurity due to reduced wheat output, difficulties in import of wheat and unabated smuggling and exports of the commodity, it said.

In this scenario, the proposals of Punjab government to allow private sector to import half million tonnes of wheat and relax duty as well as withholding tax on wheat imports should be accepted forthwith in the national interest, said Farida Rashid, President IWCCI.

She said that import of wheat from India can immediately stabilise local market which has been witnessing upswing in the prices because of the shortage and interference by hoarders and profiteers in the market.

Farida Rashid said that some bureaucrats in Punjab took wrong decisions based on faulty estimates which resulted in reduced output in the province by 17 lakh tonnes.

The failure of target in Punjab has negative consequences for the whole country while the central government is apparently not realising the gravity of the situation which can increase the gap between demand and supply paying way for unrest.

Federal government should act immediately as prices in the international market are set to rise due to reduction of 16 per cent or 20 million tonnes of wheat crop in China which the country would be covered through imports.

Farida Rashid said that scarcity of wheat will also hurt deal between Pakistan and Iran under which Pakistan will pay for Iranian electricity in form of wheat amounting nine million dollars.

Those who have been advising government against import of wheat are doing so on the behest of profiteers who use miseries of masses to maximize their profits, she said.