Only a comprehensive relief package from government can steer country's textile sector out of the crisis presently facing it. Any complacency in this regard may hit this vital segment of the economy drastically, said leading textile miller, Mian Fraz Alam.
He said government's efforts to boost country's annual exports to $35 billion mark had become just futile owing to the ongoing crisis in textile sector, which formed about 60 percent of Pakistan's exports.
He said the recent hike in the electricity and gas tariff, widening gap between generation and production of energy and the increased mark up on loans had made textile business economically unviable.
Besides, he said, non-availability of skilled manpower for textile sector especially the garments industry, had led to decrease Pakistan's share in the mutli-billion international market of garments. This market is now dominated by the countries like China, India, Vietnam and Bangladesh, he added.
He said it is high time to take immediate measures to bring the textile sector out of the crisis. Fraz Alam assured that the industrialists' community would fully back government's efforts in this regard.
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