The Faisalabad Chamber of Commerce and Industry (FCCI) has blamed the government policies for the textile industryâ€™s decline in the country.
The Faisalabad Chamber of Commerce and Industry (FCCI) has blamed the government policies for the textile industryâ€™s decline in the country. It urged the government to appoint a dedicated textile minister to resolve their problems. Pakistanâ€™s textile sector is earning $13 billion foreign exchange, but it is very discouraging that this ministry is without minister for the last one year.
â€œUninterrupted power and gas supply is a very significant step for the textile export sector but the government must appoint a fully dedicated textile minister to resolve its problems on permanent basis,â€ said Muhammad Saeed Sheikh, the FCCI president. He said that during winter season, RLNG is being supplied to the processing sector. â€œNo doubt costly RLNG is not a viable solution but it will help the textile industry continue its operation and fulfill its export orders relating to Christmas and New Year.
Chaudhry Abdul Haq, chairman of All Pakistan Cotton Power Looms Association, said that the non-performing loans of textile sector have jumped from Rs 550 billion to Rs 750 billion.
Meanwhile, vide a new notification, the Pakistan Ministry of Textiles has allowed producers cum exporters of textiles and apparel to avail 1-4 per cent drawback of local taxes and levies (DLTL), which will be available on yearly basis, on FOB values for enhanced exports of shipments made during 2015-16, if it has increased 10 per cent over last fiscal’s exports.