North Karachi Association of Trade and Industry's (NKATI) President Mahmood Rangoonwala has urged the Prime Minister Nawaz Sharif and Federal Finance Minister Ishaq Dar to wave the import duty on yarn in the incoming budget of 2014-15. He was of the view that increased use of yarn would pave way for increasing value-added export and earning more foreign exchange.
He suggested to the government to take measures aimed at providing required quantity of gas, power and water at affordable rates, besides improving law and order so as to revive sick industrial units. He also recommended to the government to take appropriate measures to increase export of value-added products and to discourage export of raw material.
He proposed that the government should expedite work of power development projects on war-footing to overcome power shortage and to keep the wheel of industries rolling. NKATI's former chairman Syed Usman Ali said: "Export of cotton yarn is our raw material and its exports should be discouraged and only value-added fabrics be exported." He hoped that the government would take measures aimed at reducing cost of manufacturing and cost of doing business in the budget.
Urging the government to abolish sales tax imposed on textile sector, he recommended to the government to take appropriate measures to overcome power and gas shortages. The NKATI another former chief, Abdul Rasheed Fodderwala, suggested that manufacturing sector in view of sky-rocketing cost of manufacturing should be given special incentives to keep it functional. He urged the government to allow private sector to establish power generating units in Karachi and they should be allowed to sell power to all categories of consumers, including industrial, commercial and domestic consumers.