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KARACHI: The local market remained stable on Monday. Market Sources told that trading volume remained thin. Market Sources told that the rate of cotton is in between Rs 13300 to Rs 13500 per maund.

The rate of new crop of Phutti in Sindh was in between Rs 5800 to Rs 6000 per 40 kg. The rate of Phutti in Punjab is in between Rs 6500 to Rs 6600 per 40 kg. The rate of Banola is in between Rs 1800 to Rs 2000 per maund.

Cotton Analyst Naseem Usman told Business Recorder that government has increased GST on raw cotton and ginned cotton from 10 % to 17 %. Ginners are protesting against increase in the rate of GST. Ginners will go on strike if the decision is not withdrawn by the government. It is useless to announce the support price of cotton after the sowing.

Meanwhile, 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 incentive 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.

Chairman of National Business Group Pakistan and President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain has said the budget is in line with government announcements and expectations of the business community.

The budget document has revealed that government wants growth at any cost and it is ready to pay for it, he said. Mian Zahid Hussain said that government has announced Rs8478 billion budget in which tax collections target is Rs5829 billion, which will be a challenge.

He said that it is estimated that mobile phones worth Rs270 billion will be imported in the next fiscal and Rs16 billion will be collected in this head which should be reconsidered as pandemic has increased importance and usage of mobile phones. He said that taxes on telecommunication equipment and services must be reduced while the PM has rejected more taxes on calls, SMS, and internet packages, which is a welcoming move.

The Spot Rate remained unchanged at Rs 12300 per maund. The rate of Polyester Fibre was increased by Rs 3 per kg and was available at Rs 205 per kg.

Copyright Business Recorder, 2021

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