ISLAMABAD: The government has paid Rs44 billion to the local textile industry under ‘Prime Minister Exports Enhancement Package’ to enhance the country’s exports, said a senior official in the ministry of textile industry.
The package was aimed at bridging the gap between local exports and imports by encouraging the export-oriented industry and incentivizing the industrial sector for introducing the innovative, modern and cost-cutting technologies, particularly in the textile industry.
He said that so far, State Bank of Pakistan (SBP) has received 276,000 refund claims under the package and they were processed accordingly. He said the package was introduced in 2016-17 and in first five months, the government had paid an amount of Rs5 billion, adding that in the fiscal year 2017-18 the government had cleared the refunds amounting to Rs26 billion.
He said that in the last seven months, the government had paid Rs11 billion in outstanding claims, adding that pending liabilities of Rs23 billion would be paid off by the government in next few months.
The official further said, “We are committed for the execution of PM export enhancement package for development and growth of the textiles sector for increasing country’s export.” He further added that the priority of the government is increasing the country’s exports and job opportunities for the people.
He said that the textile sector was also working towards modernizing and improving the skills of textile workers by using modern technology and tools.
The official said that the textile sector is the backbone of the country’s exports and the government is committed to provide all facilities for increasing the exports in textiles sector.