Finance Minister Muhammad Aurangzeb’s recent comments about the importance of agriculture and IT as the main drivers of the country’s economy have raised concerns within these sectors. The minister made these remarks during a meeting with officials from the US Commodity Futures Trading Commission (CFTC), where they discussed the role of the agricultural commodities market and collaboration between SECP and CFTC for capacity-building training sessions.
It’s surprising that Pakistan, with its natural advantage in agriculture, has not worked towards building a futures market which could benefit farmers and attract outside capital. The country’s neglect of modern farming methods and technology has led to a decline in agriculture and made it a chronic importer. Similarly, the government’s crackdown on opposition has led to an exodus of IT workers, impacting the sector’s growth. While the finance minister’s comments are promising, actions need to be taken to support these crucial sectors rather than just making politically correct statements.
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Therefore, it is vital for Pakistan to reform the agriculture sector. In this regard, the legislature may legislate those laws which could structurally reform the agriculture sector. The executive, especially the generalist and agricultural bureaucracy, should have developed the capacity to implement the agricultural laws. Furthermore, technological applications are also important. Last but not least, there needs to be a culture of prioritizing agriculture over other professions for the village youth. Lately, it has been observed that most of the village youth do not want to continue with the tradition of farming. It is also one of the most vital reasons that agriculture is not a preferred profession in Pakistan. Therefore, with more investment and opportunities, human resources and investors can be convinced to take up agriculture as their profession.
