The leadership of All Pakistan Textile Mills Association (APTMA) has termed the Federal Budget 2014-15 growth-oriented and pro-textile industry, saying that the incentives and facilities offered in the budget will contribute to the country's GDP growth.
Speaking to media persons, APTMA Group Leader Gohar Ejaz congratulated Federal Finance Minister Ishaq Dar for presenting a business-friendly budget, saying that it showed how meticulously he had prepared the budget to reflect the wishes of all segments of society. He said the Federal Finance Minister had himself admitted that an improved availability of electricity and gas to the textile industry had resulted in 4.1 percent growth in GDP. The textile industry would have to be exempted from electricity and gas loadshedding to realise its real potential, Gohar stressed.
He also appreciated the government for accepting APTMA's demand of reduction in mark up rate. He was of the view that the government had made a sincere effort towards making the country's textile industry competitive in the region. Gohar also eulogised the government for setting a clear-cut deadline for clearance of textile industry refunds. According to him, the measures to secure long-term investment and 4 percent rebate on incremental exports of garments were steps in the right direction.
Speaking on the occasion, APTMA Punjab Chairman S M Tanveer said reduction in Long Term Finance to 9 percent and Export Refinance to 7.5 percent and rebate on increase in value-added exports were phenomenal measures. He also mentioned about the budget measures on increase in cotton production besides skills enhancement programme in textile industry and extension in duty free import of textile machinery until June 2016, saying that the federal government had met textile industry's expectations in the budget. He thanked Prime Minister Nawaz Sharif, Chief Minister Punjab Shahbaz Sharif, Federal Finance Minister Ishaq Dar and Federal Textile Minister Abbas Khan Afridi besides the whole Cabinet for presenting pro-textile industry budget.