LAHORE: The local market on Saturday remained stable and the trading volume remained low. The Spot Rate remained unchanged.
Cotton Analyst Nasseem Usman while talking to Business Recorder said that price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 7000 to Rs 8600. Cotton of Sindh was traded from Rs 15500 to Rs 20,000 per maund, Punjab’s cotton was traded from Rs 16500 to Rs 20,000 per maund. He told that 1200 bales of Rahim Yar Khan were sold at Rs 19500 per maund.
Forensic audit of yarn shortage would be conducted on the complaint of Pakistan Hosiery Manufacturers & Exporters Association (PHMA), said Federal Minister for Planning Development & Special Initiatives Asad Umar.
Addressing a meeting at PHMA Office, he said that the prudent policies of PTI government resulted in a visible increase in textile export sector. In Pakistan the government not only successfully controlled the pandemic but also saved employment of the workers by keeping the industrial wheel in progress, he added.
He appreciated the PHMA members for 35 percent increase in export of hosiery, value added and garments sector. It played a major role in revenue generation and foreign exchange-earning, he added.
He said that Pakistan was the only country which overcame COVID with the best strategy of the government, which remained at the top three positions in the index of the international magazine.
He said that the increase in exports of textile sector was a clear indication that it was the result of positive policies of our PTI government. He said that despite the outbreak of COVID in the world, under our better plan not only to control the epidemic but also to keep the wheel of industry of industrialists, which not only increased the domestic exports but also provided employment to the workers.
He said that PHMA has played an important role in increasing the revenue of Pakistan and called the Pakistan Hosiery Manufacturers & Exporters Association as the largest association in Pakistan. He said that in the difficult situation of COVID; PHMA not only supported us but also increased our exports. He said that the current new wave of COVID is also a challenge for us. I hope that we will be able to overcome it easily, God willing.
Earlier, Mian Kashif Zia Chairman PHMA paid best tributes to the vision of PM Imran Khan who directed to immediately clear the pending refunds of DLTL. He lamented that during last two years the textile policy 2020-25 remained pending and still lying unapproved with the cabinet as government is undecided on the provision of subsidized electricity and gas and non continuity of DLTL to the export sector.
On the complaint of exporters, Federal Minister for Planning Development & Special Initiatives Asad Umar announced a forensic audit on the shortage of yarn.
Increasing exports of value added textile sector can only increase the country’s foreign exchange. This can not only get rid of the IMF but also provide employment to the people as per the vision of Prime Minister Imran Khan.
Former Chairman Mian Farrukh Iqbal said that despite the increase in cotton production, the prices of yarn are continuously increasing. He said that there is no shortage of yarn in the country, but the mafia has stockpiled it. He said that this issue should be resolved once and for all by conducting a forensic audit.
Executive Member Nahad Abbas said that Inditex wanted to invest in Pakistan, but it was not possible due to some governmental complications. He said that the government should also address these issues immediately so that huge investments of millions of dollars could come in Pakistan.
Asad Umar assured that he would bring all the issues to the notice of Imran Khan and resolve them as soon as possible. All their problems will be solved by calling the delegation of the association to Islamabad.
Later, Mian Kashif Zia presented shield to Federal Minister Asad Umar. The meeting was also attended by State Minister for Information & Broadcasting Farrukh Habib, Chairman NA Standing Committee on Finance, Revenue & Economic Affairs Faiz Ullah Kamoka, Provincial Minister for Culture & Colonies Khayal Ahmad Kastro, Member National Assembly Sheikh Khurram Shahzad and others were also present on the occasion.
The Spot Rate remained unchanged at Rs 19300 per maund. Polyester Fiber was available at Rs 260 per kg.
Copyright Business Recorder, 2022
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