Saturday, 05 May 2012 11:15
ISLAMABAD: The Ministry of Textile Industry has demanded Rs 30 billion in budget 2012-13 for taking different initiatives that were integral part of the textile policy (2009-14), informed sources revealed to Business Recorder.
Sources said the Ministry had demanded Rs 35 billion in the budget 2011-12, but the government released merely Rs 7.5 billion due to which initiatives announced in the textile policy could not be implemented.
Now again the Ministry has demanded Rs 30 billion for different schemes under the textile policy including Textile Investment Support fund, drawback of local taxes, refund of past Research and Development (R&D) claims, mark-up rates and magnetization of Purified Terephthalic Acid, revealed sources, adding that government provided no subsidy to the textile industry in the last budget.
The government had announced Rs 42 billion for textile export promotion under the textile policy in the budget 2010-11 of which 67 percent was to be spent on ...