agriculture
Chapainawabganj farmers set to surpass Boro rice production targets
Farmers in the Chapainawabganj district are poised to surpass their production targets for boro rice this year, aiming to harvest 253,780 metric tonnes, thanks to a surge in interest spurred by last season's bumper yield.
The Department of Agriculture Extension (DAE) has outlined an ambitious plan to cultivate boro rice across 52,200 hectares of land. The cultivation efforts are distributed across various upazilas, with 13,220 hectares in Sadar, 15,720 in Gomastapur, 6,250 in Bholahat, 9,680 in Nachole, and 7,330 hectares in Shibganj.
Farmers like Kawsar Ali from Sadar upazila are busy preparing their fields and sowing boro seeds. Ali, who has dedicated eight bighas of land to boro cultivation, noted the rising costs of production, attributing them to increased labor and irrigation expenses. Similarly, Mayez Uddin pointed out the hike in land plowing costs from Tk 300 to Tk 350, alongside rising labor charges.
Govt to provide Tk 108 crore as incentive to boost Boro production: Ministry
Paddy workers, enduring the winter chill to plant boro, like Madan, highlighted that the current rate of Tk 500 for planting helps cover their household expenses despite the hard work.
Dr. Palash Sarkar, Deputy Director of DAE, remains optimistic about this year's prospects. He mentioned the widespread adoption of the Ufsi boro variety, ensuring there's no shortage of seeds or fertilizers. Furthermore, irrigation has been smooth due to reliable power supply, and farmers have received all necessary guidance from agricultural officials.
With these favorable conditions, Dr. Sarkar anticipates that the boro rice production target will not only be met but exceeded, signaling a successful and productive season ahead for the farmers of Chapainawabganj.
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UCB taking steps to offer easy loans to agricultural entrepreneurs
United Commercial Bank PLC has been implementing an agro-CSR project called ‘Bhoroshar Notun Janala’ as part of its corporate social responsibility (CSR).
In its continuation, a training program for agricultural entrepreneurs hailing from Jhenaidah district was organized on Monday at Green Valley Park Auditorium, Jhenaidah.
Around 185 agricultural entrepreneurs from 6 upazilas of Jhenaidah district took part in this training.
Addressing the function, UCB's Additional Managing Director and Company Secretary, ATM Tahmiduzzaman, said, “The contribution of the agriculture sector to the GDP is about 14.23 percent. 40 percent of the total labor force is still dependent on agriculture”.
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Agriculture is also the main source of food, nutrition and industrial raw materials. Agriculture is inextricably linked with poverty alleviation, employment and export, he added.
He said that different businesses, social and economic activities of the country are centered around agriculture.
“We want to play a role in the development of commercial agriculture. For this, we want to stand by the agricultural entrepreneurs. We are trying to help the farmers so that they can produce and sell their crops (as desired by them) by taking loans on easy terms. That’s why we named our project ‘Bhoroshar Notun Janala”, he said.
Through this, he said, the bank actually wants to instill confidence in the minds of marginalized farmers. We are working towards that goal.”
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Rezaul Karim Siddique, popular presenter of BTV’s (Bangladesh Television) agriculture-based show ‘Mati O Manush’ & an agricultural-sector analyst; UCB’s Deputy Managing Director Mohammad Shah Alam Bhuiyan; Deputy Managing Director and Chief Financial Officer Md. Faruk Ahammad, Branch Manager (Jhenaidah district) and Md. Moniruzzaman also delivered speeches at the training program.
On the previous day (11 February), skill development training was held for about 135 agricultural entrepreneurs from 4 upazilas of the district at Magura Royal Community Center.
UCB Khulna region head Molla Masud Parvez; Arpara branch manager AKM Wahidul Islam and Magura branch manager Md. Arifuzzaman also spoke in the training session.
The process of disbursing agricultural loans and providing incentive-based agricultural assistance on easy terms was discussed in the training session.
It is mentionable that training is being organized for about 16,000 agricultural entrepreneurs selected from 64 districts of the country under the initiative ‘Bhoroshar Notun Janala’. Already around 10,000 agricultural entrepreneurs have been trained in 41 districts.
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In the training, speakers shed light on the process of disbursing agricultural loans with easy terms and providing incentive-based agricultural assistance.
Apart from this, the way forward for expanding the scope of financing (humane) under easy terms and conditions for the development of an advanced and prosperous agriculture sector were being discussed.
Food for All: AL Manifesto Emphasizes Agricultural Development for a Hunger-Free Bangladesh
"Food for All" is the core goal and commitment of the Awami League. The manifesto pledges to build a hunger-free Bangladesh. On Wednesday (December 27), the Awami League announced this manifesto for the 12th national parliamentary election.
Agriculture is a primary driving force of Bangladesh's economy and livelihoods. Agriculture plays a crucial role not only in fulfilling the food and nutritional needs of the population but also in providing employment in rural areas, supplying raw materials to industries, and increasing export earnings. Following independence, Father of the Nation Bangabandhu Sheikh Mujibur Rahman, initiated an agricultural revolution by taking ground-breaking steps to enhance production and ensure food security, giving utmost importance to the development of agriculture and farmers. Currently, under the leadership of Bangabandhu's daughter, Sheikh Hasina, the Awami League government also prioritizes agriculture in state governance. With the commitment of "Food for All," the party emphasizes agricultural development in its manifesto for the 12th national parliamentary election.
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In the fiscal year 2022-23, rice production surpassed all previous records. Currently, Bangladesh ranks third globally in the production of rice, vegetables, and onions. Additionally, it holds the second position in jute production, fourth in tea, and seventh in potato production. Significant progress has been made in cultivating both domestic and foreign fruits. Farmers are encouraged to cultivate profitable but unconventional crops like coffee, cashew nuts, black pepper, malta (a type of citrus), and dragon fruit. The per capita fruit consumption rate, which was 55 grams in 2006, increased to 85 grams in 2023. In the last 15 years, 699 new crop varieties resilient to adverse environments and 708 technologies have been developed. The mechanization of agriculture is underway to modernize it. From 2010 to 2023, nearly 133,000 agricultural machineries, including combine harvesters, reapers, seeders, and power tillers, have been distributed to farmers at subsidized prices. A 3,000 crore taka agricultural mechanization project is ongoing. Overall, the country's agricultural system is transitioning from subsistence farming to commercial agriculture.
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To maintain this trend, the Awami League, led by Prime Minister Sheikh Hasina, pledges to follow sustainable development strategies based on planned initiatives. The strategy aims to meet the growing population's nutritional needs, ensure the supply and accessibility of nutritious food for all, develop commercial agriculture, expand agriculture-dependent industries, improve rural infrastructure, increase and diversify exports of agricultural and non-agricultural products, and enhance the quality of life in rural communities through poverty alleviation. The annual budget allocation will be increased, and private investment in the rural sector will be encouraged.
Awami League’s Commitment
"Food for All" remains the Awami League's primary goal and commitment. The trend of following sustainable development strategies, based on a contextualized plan for the development of agriculture, farmers, and the rural economy, will continue. The strategy includes ensuring nutrition for the growing population, supplying and accessing nutritious food for everyone, developing commercial agriculture, expanding agriculture-dependent industries, improving rural infrastructure, increasing and diversifying exports of agricultural and non-agricultural products, and enhancing the living standards of rural communities through poverty alleviation. The annual budget allocation will be increased, and private investment in the rural sector will be encouraged.
The daughter of Bangabandhu pledges to expand the initiatives already taken to increase agricultural production. The provision of agricultural loans at 4% concessional interest will continue; the central bank will refinance commercial banks at a 0.5% rate, encouraging them to distribute more agricultural loans. The Awami League will continue to provide assistance and subsidies for agricultural production and investment in agricultural inputs. Easy access to and availability of agricultural machinery will be ensured to alleviate labor shortages in agriculture and increase productivity. Subsidies on agricultural machinery will continue.
The Awami League government has already implemented a policy to bring all land under cultivation to further increase agricultural production. Sheikh Hasina's commitment is that no land will remain uncultivated. Emphasis will be placed on developing an integrated agricultural system.
Furthermore, to build a smart, agriculture-dependent Bangladesh, strategies will be adopted for commercial agriculture, biotechnology, genetic engineering, robotics, artificial intelligence, and nano-technologies, as well as for developing the rural non-agricultural sector and facing globalization challenges. The focus on modernizing agriculture, innovating technology, and increasing opportunities and facilities for agricultural research will continue. Environmental protection will also be seriously considered in the use of various products in agriculture.
Read more: Govt prepared to ensure food security into the future: Agriculture Minister
Not only agriculture, but also the fisheries and livestock sectors are immensely important for ensuring food security, meeting nutritional needs, creating employment, alleviating poverty, expanding export trade, and overall socio-economic development in Bangladesh. To meet the animal protein demand of the growing population, create entrepreneurs and employment, and keep the rural economy active, Sheikh Hasina's government is also giving equal importance to the fisheries and livestock sectors. The Awami League's commitments in this continuity are:
1. To increase the productivity of livestock by one and a half times by 2028.
2. To establish commercial dairy and poultry farms, increase self-employment, and alleviate poverty by providing loans on easy terms, necessary subsidies, technical advice, and policy support.
3. To increase the domestic production of quality animal feed ingredients, expand processing technology, and ensure reasonable prices.
4. To diversify, process, and expand export-oriented industries of animal products.
5. To expand farm mechanization and automated production systems in preparation for the Fourth Industrial Revolution.
6. To increase fish production from 4.915 million metric tons to 5.840 million metric tons and to raise the per capita fish consumption from 67.8 grams/day to 75 grams/day by ensuring sustainable fish production and achieving food security through maximum utilization of resources.
7. To strengthen sustainable management of marine fisheries resources and ensure responsible fishing for the development of the blue economy.
8. To adopt projects/programs based on delta hotspots for coping with the adverse effects of climate change, improving the quality of life of local communities, adaptation, and capacity building.
9. To reduce fish waste by 10% and create employment for about 600,000 people in the next five years by ensuring sustainable use of fish resources through value chain development and diversifying value-added fish and fishery products.
10. To encourage the private sector to increase fish and fishery product exports and expand new markets abroad by organizing Fish Expos and establishing exclusive economic zones for fishery product processing, aiming to increase export earnings from 4,790 crore to 15,000 crore taka.
11. To expand ongoing programs for increasing livestock production and to enhance opportunities and facilities for processing, marketing, and value addition of these products.
12. To continue fish farming in ponds and, where possible, in rice fields by providing quality fish fry, food, and disease treatment.
13. To provide easy access to capital, electricity connections, and other facilities for farmers.
Read more: Food security remains protected amid int’l crisis: PM Hasina tells Parliament
Farmers expect bumper mustard yield in Khulna
Farmers and agriculture officials in Khulna district are expecting a bumper production of mustard as improved varieties of mustard were cultivated on a record amount of land this season.
Mustard cultivation is gaining more popularity among the farmers in the district as they got good yield as well as good price of the winter crop last year.
This season 289 hectares of land have been brought under mustard cultivation in nine upazilas and in the city.
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The flourishing mustard crops have transformed the landscape, with farmers envisioning higher yields as they witness the blooming flowers.
In addition to getting seeds and fertilizers as incentives, last year’s good yield motivated farmers to bring more land under mustard cultivation, said the officials of the Department of Agricultural Extension(DAE) who also hope that every mustard farmer will get more profit this year if the weather remains favourable.
According to DAE of Khulna district, mustard has been cultivated on 1,954 hectares of land in the district this season. Of these, mustard has been cultivated on 14 hectares in Daulatpur metropolitan area, 7 hectares in Labanchara, 305 hectares in Rupsha upazila, 250 hectares in Batiaghata upazila, 120 hectares in Dighalia upazila, 180 hectares in Phultala upazila, 420 hectares in Dumuria upazila, 160 hectares in Terokhada upazila, 28 hectares in Dacope upazila, 260 hectares in Paikgachha upazila and 210 hectares in Koyra upazila. Last year, mustard was cultivated on 1,665 hectares of land in the distict.
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Meanwhile, the DAE has provided 13,600 farmers with seeds and fertilizers for cultivation of 1,820 hectares of land in the district.
Each of the 50 farmers of Daulatpur metropolitan area, 50 farmers of Labanchara, 2,000 farmers of Rupsha upazila, 1,800 farmers of Batiaghata, 1,200 farmers of Dighalia, 1,400 farmers of Phultala, 2,300 farmers of Dumuria, 1,200 farmers of Terokhada, 300 farmers of Dacope, 1,800 farmers of Paikgachha and 1,500 farmers of Koyra was given one kg of seeds, 10 kg DAP fertilizer and 10 kg MOP fertilizer as incentives.
Mustard farmers Ansar Ali, Abdus Samad and Soluar Shahid of Gopalpur village in Paikgachha upazila said the mustard cultivated in their fields has been good and they were motivated by the Agriculture Office.
Paikgachha Upazila Agriculture Officer Ashim Kumar Das said, mustard cultivation was delayed due to delay in harvesting paddy. If farmers cultivate early varieties of paddy, they will be able to cultivate mustard on time after harvesting paddy, he added.
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Farmers are being encouraged to cultivate early varieties of paddy and mustard cultivation in the upazila has been good this year, he said.
Kazi Jahangir Hossain, deputy director of the Department of Agricultural Extension, Khulna, said, farmers have been given incentives like last year to increase oil seed production. “Our field workers are constantly assisting the farmers with necessary advice. Hopefully, there will be a good yield and it will be helpful in meeting the demand of edible oil.”
Green Roofs in Dhaka City: Pathway to Smart Urban Agriculture
When the roof or terrace of a building is covered with plants such as trees, shrubs, bushes, and grass, it is termed as a roof garden. This farming practice is also known as, terrace farm, rooftop farm, rooftop garden, green roof, living roof, or eco-roof.
The concept of Smart urban agriculture focuses on adequate production of crops, vegetables and fruits utilising advanced farming techniques along with IoT and AI.
As Dhaka has scarcity of arable land, the methods of smart agriculture can be applied here through terrace farming. Let's take a look into the prospects of smart rooftop farming in Dhaka city.
Threats to the Food System of Dhaka City
Decreasing Arable Land
To cope up with the increasing pressure of population, the agricultural lands are being converted to residential, commercial or industrial land uses. Such practices are reducing the scope of growing agricultural food products in different urban areas of Bangladesh including the Dhaka metropolitan city.
Rising Food Inflation
One of the major impacts of the Russia-Ukraine crisis was the disruption of global trades of some key foods and agricultural commodities. Like many other countries, Bangladesh has been experiencing rising prices of foods and agricultural products which is threatening the country's food security. According to BBS data, the food inflation rate in Bangladesh climbed to 12.54% in August 2023. The demands and prices of food commodities are also rocketing in Dhaka city.
Read more: Inflation ticks up again as food prices remain sticky upwards
Harmful Chemicals
The usage of inorganic fertilisers and harmful pesticides to increase agricultural productions are making the yields hazardous for human health. Furthermore, food contamination practices such as application of harmful chemicals to ripen fruits or keep vegetables fresh for long hours are posing threat to the health of Dhaka city residents.
JENESYS Reporting Session 2022 held in Dhaka
Embassy of Japan held a reporting session for “JENESYS2022” participants at the ambassador’s residence in Dhaka on Monday (May 22, 2023).
JENESYS (Japan-East Asia Network of Exchange for Students and Youths) is an initiative by the Government of Japan to promote people-to-people exchange programmes between Japan and the Asia-Pacific region, according to a press release.
Read more: 2023 is the 1st year for next 50 years of Dhaka-Tokyo relations: Ambassador Iwama
The programme started accepting Bangladeshi participants in 2015. Approximately 23,000 young people have participated in this programme in the Indo-Pacific region since then.
This year, 19 youths participated and visited Japan under two themes, namely, “Agriculture” and “Energy’’.
In Monday’s reporting session, the participants shared their experiences from their visits to Japan and exchanged opinions with government officials of the Ministry of Agriculture, and Ministry of Energy, Power and Mineral Resources of Bangladesh, and with staff of Embassy of Japan, the release said.
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Ambassador Iwama hoped that this year’s JENESYS participants would reflect on their knowledge to promote mutual trust and lay the foundation for friendship and cooperation between Japan and Bangladesh, it added.
70% Boro paddy of haor areas harvested: Agriculture Ministry
Seventy percent of the Boro paddy in haor areas have been harvested, the Ministry of Agriculture (Bangladesh) has said.
In Sylhet, 55 percent paddy was harvested, in Moulvibazar 70 percent was harvested, in Habiganj 67 percent, in Sunamganj 73 percent, in Kishoreganj 58 percent, in Netrokona 77 percent, and in Brahmanbaria 67 percent of Boro paddy was harvested, according to a press release of the ministry today.
Boro paddies were sown on 452,000 hectare of land in haor areas of seven districts this year.And a total of 953,000 hectares of Boro paddy has been cultivated in the highland outside of the haors. The production target is 40 lakh tonnes of rice, said the release.
Read More: Record Boro production to be achieved this year: Agriculture Minister
Recently, Bangladesh's Agriculture Minster Abdur Razzaque launched the Boro paddy harvest in haor areas of Sunamganj ahead of Eid-ul-Fitr. At the time, he said if there was no natural disaster and rice can be brought home on time, there will be record production in Boro this year.
He said only in Sunamganj, around 1,000 combined paddy harvesters are working, adding that there will be no problem in harvesting paddy this time.
According to the Department of Agricultural Extension, Boro has been sown on 50 lakh hectares of land across the country this year, while the production target is 21.5 million metric tonnes of rice.
Read More: Govt to procure 16.50 lakh tonnes Boro paddy, rice
In the last fiscal year 2021-22, Boro rice was sown on 48,14,000 hectares of land, and about 20.2 million tonnes of rice were produced in Bangladesh, the release said.
On a remote char in country's poorest district, watermelon cultivation transforms lives
Watermelon cultivation has started in the remote char area of the Brahmaputra River in Kurigram.
Although watermelon cultivation started on an experimental basis last year, the number of farmers signing up to the this time. The yield has also been as expected. Farmers are hoping for double the profit if there is no flood in advance this year.
However, if the government comes forward in marketing and banks provide loans with easy instalments, the misery of the people of the char area can be erased, or at least eased.
Also read: Rain, hailstorm worry Khulna watermelon growers
According to the Kurigram Department of Agricultural Extension, there are about 450 chars in 16 rivers in the district. There are about 45,000 hectares of cultivable land. Of these, farmers are starting cultivation on 35,000 hectares of land in 368 chars. Maize, watermelon, sweet pumpkin, cucumber and pepper have been cultivated in these char areas.
Last year, watermelon was cultivated on 50 acres of land in Char Bagua village of Hatia union of Ulipur upazila of the district. In the early floods, 40 acres of crops were submerged and damaged. Yet the farmers did not stop. This year watermelon has been cultivated on 34 hectares of land in the char.
Farmers have also started harvesting watermelons. Due to favorable weather conditions, the yield has also been as expected. As a result, they are hoping to make a good profit this time after overcoming last year's loss. However, the biggest obstacle to commercial cultivation in the char is marketing management. Besides, many farmers have left the land after being unable to cultivate these crops despite the desire, the banks not providing loans to the common farmers.
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Dashim Uddin of Bagua Char said three enterprising farmers have cultivated watermelon on 40 acres of land in this char. As a result of getting a large amount of loan from the bank, they have got the opportunity to cultivate on a large scale. Many farmers here have become interested in their farming, but they are not able to come forward due to economic reasons.
Abdur Sabur, who cultivated watermelon, said, “Although watermelon was cultivated on an experimental basis last year, the watermelon field was washed away in the early floods. This year, I have cultivated watermelon on 14 acres of land. It cost me Tk6-7 lakh. I hope to pick up 20,000 watermelons. This will earn me an additional income of Tk6-7 lakh. However, the problem here is marketing watermelon. Wholesalers come here and buy watermelons at a lower price. If we could take melons to the city and sell, we would have made more profits. More farmers would have come forward to cultivate watermelon.”
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The farmer also said watermelon seeds should be sown at the beginning of the month of Paush. After four months, watermelon can be lifted in the middle of chaitra month. There are some precautions to be taken in watermelon cultivation. In the sand land, a hole of one and a half feet in the 10-inch by 10-inch square has to be given some loamy soil, dung fertilizer and DSP in the pit. Forty grams should be given in each pit. In this way, after keeping it for a week, three seeds are sown in a pit. In addition, regularly insecticides have to be sprayed to protect against the attack of insects and rats.
Abul Hossain Master, former chairman of Hatia Union, said at present, local entrepreneurs in the char area have become interested in cultivating various agricultural products. Due to economic problems, the rest of the farmers are unable to come forward. “Their misery would go away if banks and NGOs come forward.”
Additional Deputy Director (Crops) of Kurigram DAE, Md Azizul Islam, said watermelon cultivation has started in the district since last year. Watermelon has been cultivated on 22,000 hectares of land this year. There is a plan to set up a collection center in the char areas so that the farmers do not suffer for marketing.
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Agriculture to be mechanised through multipurpose cooperatives: PM Hasina
Prime Minister sheikh Hasina on Wednesday said the government will mechanise the agriculture through multipurpose rural cooperatives to boost production of food and other crops.
“We are taking an initiative to mechanise the agriculture through multipurpose rural cooperatives system which was initially taken up by the Father of the Nation Bangabandhu Sheikh Mujib,” she said.
The prime minister was addressing the three-day first-ever National Land Conference 2023 along with launching seven initiatives of the land ministry.
The programme was held at Bangabandhu International Conference Center (BICC) with Land Minister Saifuzzaman Chowdhury in the chair.
The conference (March 29-31) will focus on the role of the land ministry in building a smart Bangladesh and to find out the future challenges of digitization of land services.
Other objectives of the conference include informing citizens, government agencies, and stakeholders about the steps taken by the land ministry, creating awareness among them about land management, and giving an idea about the existing laws and regulations related to land.
One of the 7 initiatives that the prime minister is set to inaugurate is the Bangabandhu Sheikh Mujib Monument and the Bangabandhu Sheikh Mujib Guchchagram Complex.
The remaining 6 initiatives include Registration-Mutation Interconnection, Smart Land Map, Smart Land Records, Smart Land Pedia, Smart Land Service Center, and Union Land Office.
Hasina said that under the planned cooperatives system one portion of the harvest will go to the owners of the lands, one portion to the engaged labourers while one portion to the government.
She mentioned that the government will utilise its portion for the land preservation and maintenance.
“Already, the cooperatives ministry has been instructed to make a policy regarding this matter. We want that,” she said.
She also said that there will be no demarcation separating one plot of land from another. But there will be no problem regarding the ownership of the lands as digital mapping will specify the ownership.
Read more: Boost research on agriculture to increase production: PM Hasina tells scientists
“Although there will be no demarcation, all lands will be cultivated collectively, as there will be digital map, ownership will be specifically indicated, owners will get their share as per their lands’ proportion,” she narrated.
The PM said that if this system is established the people of Bangladesh will never be poor and hungry and they will not suffer from food scarcity.
“We will not need to beg to anyone for foods, rather we will be able to help others,” she said.
Hasina said that from Pahela Boishakh 1430 (April 14, 2023) the land development tax across the country will be fully collected through online.
She said that Awami League is the servant of the people as it emerged from the struggle to materialise the rights of the people.
“From the very beginning Awami League is continuing its struggle to establish the rights of the people. And while in power we are doing our job with the motto of serving the people,” she said.
She mentioned that the government has taken steps to remove the land-related hassles that created problems among the family members.
“Our aim is to ensure the welfare of the people. Many people face many problems while taking land related services, Inshallah in the digital and smart Bangladesh people will not suffer anymore. We want that all sorts of irregularities will be removed from Bangladesh.”
Recalling the arson attacks of BNP and its allies during 2013-15 period that killed many innocent people in the name of anti-government movement, she said that they burnt down 60 public offices, including six land offices.
Later the government built around 400 land offices across the country and in every upazila there is now modern land office with record preservation system.
“Their (BNP and Jamaat) job is to demolish while Awami League’s is to create for the welfare of the people. And our prime aim is to serve the people,” she said.
The prime minister put emphasis on the proper sharing of wealth and lands among the successors to avoid future complexities.
“The shares of the successors can be specified through digital means solving many family problems,” she said.
Ministry of Law, Justice and Parliamentary Affairs Anisul Haq, Law secretary Md. Golam Sarwar, Land secretary Md Mustafizur Rahman and Assistant Land Commissioner Rajbari Noor Jahan Alther Sathi also spoke at the programme.
Four seminars/panel discussions on various topics related to land management have been scheduled to take place during the afternoons of the day of inauguration ceremony and the following two days, according to the press release.
The second and third day events of the conference will be held at BIAM Foundation in the capital.
Agricultural credit disbursement on course to meet target
Farm loans disbursement is on course to meet the target as banks have disbursed 68.15 percent of the target in eight months (July-Feb) of the current fiscal.
Bangladesh Bank's latest loan update shows that around Tk 21,660 crores were disbursed in the agriculture sector against the target set for the fiscal of Tk30911 crore.
The update revealed that 12 banks had achieved 100 percent of the target set for the disbursement of agricultural loans in the first eight months of FY2022-23.
However, 14 banks are lagging behind. Even after 8 months, these banks could not distribute even 50 percent of the targeted farm loans.
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Banks that have disbursed more than 100 percent of the target include Bank Al-Falah, Commercial Bank of Ceylon, Habib Bank, State Bank of India, Bank Asia, Dhaka Bank, One Bank, Simanta Bank, Uttara Bank, Citibank NA, HSBC, and Uri Bank.
According to the report, state-owned banks have distributed Tk8,623 crore while foreign and private sector banks have disbursed Tk 12,434 crore.
According to the BB, till February 2023, the disbursement of total agricultural loans stood Tk 51,236 crores. Of this, Tk20,986 crores have been paid back,so the loan recovery rate is about 41 percent.
Also Read: Boost research on agriculture to increase production: PM Hasina tells scientists
Default stood at Tk 3932 crores, which is 7.68 percent of loans.
As per government policy, agricultural production has been emphasized considering food security.
The BB is also working towards that goal. Banks have been given strict instructions to increase agricultural credit disbursement and it is being constantly monitored.