The Punjab government took an important decision for strategic storage of 2.5 million metric tons of wheat and decided to provide 70% loan to farmers immediately in exchange for wheat, it was reported on Saturday.
The Punjab government also decided to quickly activate the e-warehouse receipt system in the province and nominated Bank of Punjab (BoP) as programme manager.
According to the C&W programme, old godowns will be upgraded. The Punjab government has been directed to establish a digital board for monitoring loans approved for farmers.
This dashboard will also display loans, storage, and details of receipts. A proposal is also under review to expand the wheat loan amount from Rs51 billion to Rs64 billion.
The private warehouses of wheat storage will be handed over to the private sector. In case of a market crash, the Punjab government will purchase the wheat.
District Strategic Committees will also be constituted. These committees will review the storage and purchase of wheat.
