In a significant move to tackle inflation, Punjab Chief Minister Maryam Nawaz Sharif has approved a new price control mechanism aligned with international standards. During a recent meeting, she ordered the establishment of a special monitoring unit (SMU) to be fully operational within six months.
The meeting provided a comprehensive briefing on the new mechanism aimed at ensuring price stability in the province. An official statement confirmed the formation of a new institution dedicated to price control, designed to shield the public from the adverse effects of rising prices.
The chief minister emphasized the need for immediate action. She instructed officials to enhance the production and availability of essential commodities like wheat. Strategies for fixing prices were also discussed extensively during the session.
Cm Maryam Directed Authorities
To reduce reliance on imported palm oil, CM Maryam directed authorities to promote the cultivation of sunflower, soybeans, and canola. This initiative aims to boost local production and meet the demand for vital goods, including tomatoes and onions, in every city.
In a bid to stabilize market prices, the government will issue regular forecast bulletins. Additionally, the SMU will leverage artificial intelligence for more effective price control measures.
The meeting also saw the proposal for establishing an Agri Monitoring Fund in Punjab, a crucial step towards supporting farmers and improving market conditions. Connecting farmers directly with buyers was another key topic, with discussions on registering traders operating in local markets.
Maryam Nawaz stressed the urgency of expediting the nomination process for the Punjab Agricultural Marketing Regulatory Authority (PAMRA) Board and market committee chairpersons. This move aims to streamline the regulatory framework and enhance market efficiency.
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Global Market’s Influence
Officials informed the chief minister that recent price hikes in ghee and edible oil are linked to rising palm oil costs in the global market. To address this, technology will be employed to assess crop yields of wheat and other commodities ahead of time, ensuring better planning and resource allocation.
This new approach reflects the Punjab government’s commitment to tackling inflation and enhancing food security. By fostering local production and improving market dynamics, the government aims to alleviate the financial burden on its citizens.
Maryam Nawaz’s directives signal a proactive stance against the challenges posed by rising commodity prices. As the province prepares to implement these measures, stakeholders remain optimistic about the potential positive impact on both farmers and consumers.
In summary, Punjab is taking crucial steps to establish a robust price control mechanism. With the launch of the SMU and the proposed Agri Monitoring Fund, the province is poised to improve market conditions and ensure the availability of essential goods. The government’s focus on local production and direct farmer-buyer connections underscores its commitment to economic stability and public welfare.
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