All
 

 

Just in:  

You are here: Home»Cotton & Textiles»Pakistan»FCCI urges government to release funds for textile industry

FCCI urges government to release funds for textile industry

Mian Zahid Aslam, President Faisalabad Chamber of Commerce & Industry (FCCI) has said billions of refund claims in the context of Duty Drawbacks, Sales Tax and R&D are pended with the government. The exporters are facing severe liquidity crunch to fulfil their export orders particularly at this critical stage when exports under EU Autonomous Trade Preference Scheme (ATPS) have also been allowed.

Referring to a news item, he pointed out that government earmarked Rs 7.5 billion in budget 2012-13 for implementation of Textile Policy (2009-14) but not a single penny has been released to the ministry in the first quarter of the year undermining the effectiveness of policy initiatives.

This will not only result into causing resentment among the industry but also hampering different schemes under the textile policy including Textile Investment Support Fund, Drawbacks of Local Taxes, Refund of R&D claims etc. He urged the government for earliest release of funds to the ministry consequent upon mobilisation of refund claims to the exporters to excel exports from the country.

Copyright Business Recorder, 2012



 



 
Index Closing Chg%
Arrow DJIA 17,356.87 1.69
Arrow Nasdaq 4,644.31 2.12
Arrow S&P 2,012.89 2.04
Arrow FTSE 6,336.48 0.07
Arrow DAX 9,544.43 0.20
Arrow CAC-40 4,111.91 0.46
Arrow Nikkei 16,819.73 0.38
Arrow H.Seng 22,585.84 0.37
Arrow Sensex 26,710.13 0.27






ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln