Textile industry continuously declining: HCSTSI president

HYDERABAD: President Hyderabad Chamber of Small Traders and Small Industry Muhammad Farooq Shaikhani expressed his views on textile industry and said that Pakistan’s textile industry is continuously declining and according to the report of All Pakistan Textile Mills Association (APTMA) textile exports have decreased by 15% and reached to 16.51 billion dollars whereas it was 19.32 billion dollars in the previous fiscal.

He stated that Pakistan has agreed to borrow 3 billion dollars from the IMF, which is almost equivalent to a reduction in textile exports of 2.81 billion dollars, which shows that if the textile industry was promoted and given business facilities so Pakistan would not have to take this loan from the IMF because it would have met the 3 billion dollars from textile industry exports.

HCSTSI President said that the textile industry contributes 60% to Pakistan’s total exports, but today this industry is suffering the most problems in the country, the main reasons for this include dollar rate fluctuation, huge increase in electricity prices, non-availability of gas, obstacles in opening LCs by State Bank and strict restrictions on import of raw materials and machinery.

He said that the total workforce of Pakistan’s manufacturing sectors is 11.68 million. Textiles provide employment to 40% of the workforce which is 4.672 million. If Pakistan’s textile industry suffers a setback, it will increase unemployment and this unemployment will create law and order problems in the country.

President Chamber appealed to the Government of Pakistan and all powerful circles to take urgent steps to overcome the difficulties faced by the textile industry. Because if this industry flourishes, not only the youth will get employment in Pakistan, but the shortage of dollars in the country will also reduce to a great extent.

Copyright Business Recorder, 2023