HYDERABAD: President Hyderabad Chamber of Small Traders and Small Industry Farooq Shaikhani, emphasizes the pivotal role of the private sector worldwide in revitalizing declining institutions through their unwavering commitment, innovation and embrace of new technologies, however suggested that in Pakistan, government institutions should adequately support and incentivize the private sector as well.
He stated that the official rate for a 100 kg sack of wheat has been set at Rs. 10,000. However, following this decision, the price of wheat in the open market has subsequently decreased, resulting in direct financial setbacks for farmers.
He highlighted Pakistan’s significant position as the fifth-largest wheat-cultivating nation globally. However wheat shortages and fluctuating flour prices, ultimately impacts both the public and traders.
President Chamber Farooq Shaikhani stressed the need to engage the private sector in wheat procurement, aligning with Islamic banking principles. Such involvement promises
enhanced efficiency in the procurement process, as private enterprises typically boast streamlined operations driven by profit incentives.
He urged that incorporating the private sector would foster improved market integration, aligning wheat procurement with demand and supply dynamics for timely distribution and response to market fluctuations.
He emphasized that engaging the private sector would enhance farmers’ welfare by enabling them to receive competitive rates from private buyers, thereby improving their livelihoods and fostering increased productivity.
President Chamber Farooq Shaikhani stressed the need emphasized the significance of digitizing the inventory of wheat across all warehouses in Sindh which would ensure the availability of accurate and comprehensive data on all wheat transactions conducted by both the government and private sectors, accessible through a designated website.