AIRLINK 175.55 Decreased By ▼ -2.01 (-1.13%)
BOP 11.01 Decreased By ▼ -0.04 (-0.36%)
CNERGY 8.29 Increased By ▲ 0.12 (1.47%)
FCCL 47.23 Decreased By ▼ -0.09 (-0.19%)
FFL 16.02 Decreased By ▼ -0.10 (-0.62%)
FLYNG 27.31 Decreased By ▼ -0.04 (-0.15%)
HUBC 142.32 Decreased By ▼ -4.59 (-3.12%)
HUMNL 13.30 Decreased By ▼ -0.21 (-1.55%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 5.90 Decreased By ▼ -0.01 (-0.17%)
MLCF 61.80 Decreased By ▼ -0.22 (-0.35%)
OGDC 226.77 Decreased By ▼ -7.91 (-3.37%)
PACE 5.77 Decreased By ▼ -0.03 (-0.52%)
PAEL 44.80 Decreased By ▼ -1.61 (-3.47%)
PIAHCLA 17.88 Decreased By ▼ -0.24 (-1.32%)
PIBTL 10.47 Decreased By ▼ -0.10 (-0.95%)
POWER 12.02 Increased By ▲ 0.03 (0.25%)
PPL 185.92 Decreased By ▼ -5.88 (-3.07%)
PRL 37.16 Decreased By ▼ -0.16 (-0.43%)
PTC 24.05 Increased By ▲ 0.85 (3.66%)
SEARL 100.29 Decreased By ▼ -0.60 (-0.59%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 38.51 Decreased By ▼ -1.20 (-3.02%)
SYM 14.75 Decreased By ▼ -0.28 (-1.86%)
TELE 7.73 Decreased By ▼ -0.11 (-1.4%)
TPLP 11.03 Decreased By ▼ -0.08 (-0.72%)
TRG 66.00 Decreased By ▼ -1.29 (-1.92%)
WAVESAPP 10.97 Decreased By ▼ -0.38 (-3.35%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
YOUW 3.78 Increased By ▲ 0.01 (0.27%)
BR100 12,826 Increased By 19.4 (0.15%)
BR30 38,861 Decreased By -842.2 (-2.12%)
KSE100 118,792 Decreased By -146.5 (-0.12%)
KSE30 36,779 Increased By 22.6 (0.06%)

LAHORE: Pakistan’s textile industry teeters on the edge of collapse as skyrocketing electricity and gas prices threaten to devastate the sector. The All Pakistan Textile Processing Mills Association (APTPMA) has issued a dire warning, citing unbearable costs, reduced productivity, and lost competitiveness in global markets.

Chairman Muhammad Pervez Lala slams government policies, prioritizing Independent Power Producers over industry needs, and demands urgent relief from crippling energy bills.

In a press statement, Pervez Lala warned that the industry is on the brink of collapse due to the unbearable cost of doing business, reduced productivity, and loss of competitiveness in domestic and international markets.

Lala highlighted the energy crisis as the most significant hindrance to the industry’s growth, with electricity and gas prices skyrocketing. He emphasized that the Regional Competitive Energy Tariff (RCET) was withdrawn despite government assurances, further exacerbating the situation.

The APTPMA chief pointed out that Pakistan’s textile industry faces fierce competition from countries like Bangladesh, Vietnam, and India, and that expensive utilities and inadequate investment are hindering its ability to compete.

Lala criticized the government for prioritizing Independent Power Producers (IPPs) over the industry, citing the massive payments made to IPPs without generating electricity. He demanded relief for industrialists, businesses, and the public from the heavy electricity bills.

Lala highlighted other major issues, including high interest rates (19.5%), shifting of Final Tax Regime (FTR) to Normal Tax Regime (NTR), Non-reduction of customs duties on import of dyes & chemicals.

Lala concluded by cautioning that the textile processing industry’s challenges have worsened due to increasing energy prices and non-reduction of customs duties, emphasizing the need for reduction of energy prices to revive the industry, exports, and the economy.

Copyright Business Recorder, 2024

Comments

Comments are closed.