Pak govt’s bailout plan

In a bid to save the sector, Minister for Commerce Engineer Khurram Dastgir said that the Government has proposed a Rs 200-billion bailout package for the revival and modernisation of the textile industry. While informing the Senate Standing Committee on Textile, he said that a special package was under consideration meant to introduce new technology and infrastructural modernisation in the sector.

The meeting was held under the chairmanship of Senator Mohsin Aziz at the Ministry of Textile Industry. The Commerce Minister said that the Government would give special incentives on taxes to enhance value addition. “The Government is committed to the technological revival of the textile sector and is willing to compete with other regional competitors.”

In the six-member high-level committee, relevant ministries and stakeholders were constituted to review the challenges facing the textile industry. He added that the committee came up with a comprehensive recommendation for the revival of the textile industry. On the occasion, the committee showed strong reservations over the performance of the Pakistan Central Cotton Committee.