ZCZC
BSS-21
AGRI-MECHANIZATION-POVERTY
Experts for agri-mechanization to eradicate poverty
DHAKA, July 28, 2018 (BSS) – Experts at a seminar today underscored the need for agri-mechanization to eradicate poverty, ensure food sufficiency and help increase export income.
“Agricultural growth is needed not just for feeding ourselves; rather it is also needed for achieving the desired level of export income. For that, agriculture growth has to be 4 to 4.5 percent, which is now 3.8 percent,” said former Bangladesh Bank (BB) Governor Dr Atiur Rahman.
He said this while delivering the keynote speech at a seminar titled “Agri Mechanization: The Role of Private Sector and Access to Finance”, organized by Metal Group at Krishibid Institution Bangladesh Complex in Khamarbari area.
Former Vice Chancellor of Bangladesh Agricultural University, Professor Emeritus Dr Abdus Sattar Mandal, Metal Group Sadid Jamil and agricultural scientists and representatives from Bangladesh Bank, among others, were present at the seminar.
Atiur said the production of food grains has now increased almost four times than it was in 1972. “More than 38 million metric tons of food grains are produced every year,” he added.
He said if the GDP growth in agriculture sector is increased by 1 percent per person, the overall poverty will decrease by 0.39 percent.
Hence, the former BB governor said, it is evident that there is no alternative to increasing productivity of agriculture to attain the national macro-economic objectives.
He said if the bank interest rate can be reduced from the existing 5 to 4 percent for agri-machinery, then the commercial banks will have additional incentive to give more loans to purchase agri-machineries at a lower interest rate through the refinancing program.
“In the latest ‘Agricultural and Rural Credit Policy and Program’ of the central bank, there was a directive to disburse 10 percent of the total loan to fish culture. If a similar directive could be there to promote agri-machinery that would have tremendous positive impact on agri-mechanization,” he added.
He urged the authorities concerned to initiate low interest loan facilities for agri-mechanization similar to what spice cultivators and cattle rearing households enjoy.
Sadid Jamil said development partners have extended enormous support in the mechanization process of the country’s agriculture. “They have extended to us their knowledge, expertise and in many occasions lent us grants and funds,” he added.
He believed that they shall continue their support in the years to come.
BSS/KUC/GA/1820 hrs