All Pakistan Textile Mills Association (APTMA) Central Chairman Tariq Saud stated that the government’s decision of imposing regulatory duty of 10% on yarn and fabric is sensible and based on thorough facts.
Around 40% capacity of spinning, weaving and processing mills has become impaired, closed and inoperative.
In this situation, the government’s decision would play a crucial role in saving the textile industry of Pakistan to come out of the crisis, said Tariq.
According to financial reports, the textile companies in spinning, weaving and composite units have suffered losses of around Rs 40 million on average, he said.
He added that more than 27 basic textile mills have faced major losses while other mills are yet to conduct annual general meetings to disclose their losses.
Despite the latest increase in the price of textile products due to an increase in the cotton index at the New York stock exchange, the textile mills are still suffering losses which are forcing the mills to shut down its operations, he said.
Tariq said that the textile industry needs revival of the textile industry expeditiously before it affects the agriculture, made-ups and closing sector.
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