KARACHI: Cotton Market remained stable on Wednesday. Market sources told that Phutti of Sindh was sold at Rs 3800 to Rs 4000 per 40 kg.
Cotton Analyst Naseem Usman told that according to international news channel attack of locust is the biggest threat than coronavirus.
However, he said federal and provincial governments along with Pakistan Army had taken steps on war footings to control the attack.
He also said that there is uncertainty regarding the exact estimates of cotton production in the country. The situation of cotton crop in lower Sindh is satisfactory. Sowing is still going on in Punjab.
Naseem Usman also said that it is first time in the history of Pakistan that seed companies are buying Banola between Rs 2500 to Rs 2600 per maund for using it as seed. The seed of good quality is not available in the market.
Naseem said that though government has prepared the budget but government must consider the proposals given by the stakeholders for strengthening the economy.
He also said that President of the North Karachi Association of Trade and Industry (NKATI), Naseem Akhtar, has appealed to Prime Minister Imran Khan, Finance Adviser Abdul Hafeez Sheikh and Adviser on Commerce and Investment Abdul Razak Dawood to save the export-oriented industries from complete collapse because if the industries shut down then unemployment would rise.
Expressing his concerns over media reports regarding the government not restoring the zero-rated regime, the NKATI chief said that if the government did not restore the zero-rating system for the five export sectors, they would face a severe financial crisis and be forced to close industries due to lack of capital.
Patron-in-chief of NKATI, Capt. A Moiz Khan, asked why the government was reluctant in restoring the "No Payment No Refund" regime in view of the current severe economic crisis.
The government should introduce relief measures for reviving trade and industry in the wake of the economic catastrophe due to the coronavirus and provide maximum facilities to restore industrial production "so that we can regain our lost share in the international markets", and the country could move in the direction of economic development, he said.
"The State Bank of Pakistan has provided loans to employers to pay workers' salaries. Despite all these facts, the government's refusal to provide relief to the industries is discouraging the investors, leading to closure of existing industries," he pointed out.
Capt. A. Moiz Khan and Naseem Akhtar appealed to Prime Minister Imran Khan, Finance Adviser Abdul Hafeez Sheikh and Adviser on Commerce and Investment Abdul Razak Dawood to restore the zero-rating regime for the export-oriented industries so as to boost domestic industries and create vast employment opportunities.
They said that significant foreign exchange could be earned by increasing the country's exports.
Meanwhile Pakistan Cloth Merchants Association (PCMA) chairman Ahmed Chinoy requested the government to remove major hindrances which are identified by the textile industry in the budget 2020-21.
He demanded that duties and taxes on import of raw material used by textile industry should be reduced. Suspend collection Export Development Surcharge till unitized amount of Export Development Fund (EDF).
Outstanding payment of technology upgrade fund (TUF) schemes and reinstate in upcoming Textile Policy.
Ahmed Chinoy said the prime minister and his economic team take prompt measures to facilitate the textile industries to ease the liquidity pressure by releasing long overdue refunds stuck with government to support the export industry in the prevailing challenging scenario amid COVID-19. In view of global business slowdown textile export industry of Pakistan has suffered a lot.
Naseem also said that Spot Rate remained unchanged Rs8300 per maund. The rate of cotton in Sindh and Punjab is in between Rs6500 to Rs8400 per maund. The polyester fiber was available at Rs155 per kg.