Islamabad: The All Pakistan Textile Mills Association (APTMA) on Tuesday will be observing a black day all across the country in retaliation to the anti-export and anti-industry measures of the incumbent government.
In January, Prime Minister Nawaz Sharif had announced a textile export package worth Rs180b to bail out the sector and enhance the dwindling exports of the country. For the budget 2017-18, the government had only allocated a paltry sum of Rs4b for the textile industry, which the Chairman APTMA, Amir Fayyaz said was a big joke. He demanded the government to ensure the implementation of the PM’s textile package in letter and spirit, clear tax refunds and to bring electricity tariffs at parity with other regional nations for the sector. Fayyaz added that mere announcements wouldn’t ensure the boosting of textile exports and the government has to take actual measures to implement this package.
Fayyaz mentioned that textile industry was going through a major financial crisis, with Rs 200b stuck up under duty drawbacks and sales tax with the government. He said due to this cash crunch, how would the exports get boosted since they had no resources to purchase raw materials. He said due to high electricity tariffs and input costs; the textile industry wasn’t able to compete anymore in the international market.
