KARACHI: Textile exporters termed the budget 2021-22 as growth-led and export-oriented with progressive initiatives to accelerate economic growth in the wake of COVID-19 pandemic. The new fiscal plan has set in place pro-growth measures to maximize industrialization, create jobs, increase revenue and attain higher export growth.
Responding to the budget measures, Chairman Pakistan Textile Exporters Association Muhammad Ahmad, in a statement here on Saturday, termed the budget a step in the right direction; however, subjected to implementation in letter and spirit. He said that the foremost objective of the budget was to give the direction and fillip to manufacturing, business and trade of the country enabling these sectors optimum utilization of available resources in order to maximize their output increasing their contribution and share to the GDP. With budgetary measures, economic indicators would show an upward trend and the GDP growth would improve significantly, he added. Reduction / exemption of CD, ACD & RD on import of goods falling under 589 PCT codes to incentivize the textile industry, steps for ease of doing business, announcement of a new uniform export facilitation scheme under a phased out programme, permission for the bond to bond transfer of goods through WeBOC (web-based one customs) without prior approval of the collector and continuation of all export facilitation policies will give necessary fillip to exports and industry. However, roadmap for disbursement of exporters’ old refunds (before July-2019) has been ignored; whereas no funds are allocated for revival of sick units which could help in fetching extra US$ 1 billion in foreign exchange and create additional thousands of new jobs. He appreciated Government on presenting a balanced fiscal plan in challenging times as country’s economy is going through a challenging phase due to the outbreak of global COVID-19 pandemic and all segments of economy are in distress and facing huge financial losses.
PTEA’s Patron-in-Chief Khurram Mukhtar commended Government’s policies to enhance exports. Confidence of the business community has been restored as a result of Government’s prudent economic policies, which has accelerated the economic process in the country. With growth-led initiatives especially market based flexible exchange rate, energy package for export sectors, timely refund payments and availability of LTFF and TERF at subsidized rates, textile export sector has already regained its growth momentum and exports have witnessed positive growth.—PR
Copyright Business Recorder, 2021