Pakistan Businessmen and Intellectuals Forum's (PBIF) president Mian Zahid Hussain has demanded of the government to review exchange and monetary policies. He also highlighted the problems being faced textile sector, saying around 30 per cent textile mills have been closed and if the situation remained unchanged more bad news will follow.
The PBIF chief, who was talking to textile mill owners, regretted that the textile industry despite playing a crucial role for the country's economy was crumbling under host of issues. He demanded of the government to intervene into the matter and help resolve the issues being confronted by the textile sector.
He also deplored that the sector which was providing employment to 3.5 people was not only facing energy crisis, but other issues such as incoherent policies, regional competition, were also creating hindrances its development. He said that 57 per cent exports are linked to the textile industry, its share in manufacturing stood at 46pc whereas 38pc urban labourers are associated with it. The PBIF chief apprehended that the textile sector's 9pc share in the GDP will shrink, creating problems for millions of farmers depending on cotton crop.
He said that other countries with a view to giving boost to their textile sectors were not only providing subsidies but were also devaluing currency. He said that the textile sector's huge amount under the head of refund must be cleared without any further delay as the issue which had been lingering since long was now creating serious liquidity problems for the sector. Hussain also called for giving preference to value-added items like fibre and cloth over cotton to generate extra foreign exchange. He said that the textile ministry should be empowered to take all decisions concerning the textile sector.
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