Badly hit by rupee appreciation, the rice sector, which fetches over $2 billion in foreign exchange, has completely been ignored in the budget.
Rice Exporters Association of Pakistan (Reap) Senior Vice-Chairman Chela Ram addressing the media at the Karachi Press Club (KPC) earlier today said ‘that the sector was overlooked and this was evident from the finance minister’s budget speech wherein he failed to mention the word ‘rice’ at all.’
If the government fails to provide relief in the form of subsidy or cut in power rates a large number of rice units will close down, he warned.
“The rice exporters were expecting some relief package in the budget 2014-15 as they had suffered huge losses owing to rapid appreciation in the rupee value resulting in losing of its traditional markets to Indian and Thai rivals, but the finance minister didn’t come with any relief for this vital sector,” he lamented.
