All Pakistan Textile Mills Association (APTMA) has approached the Ministry of Textile Industry to take consequent and reciprocal measures by providing level playing field to compete with the international market place and immediately impose safeguard measures on import of Indian yarn into Pakistani commerce to stop the attrition of competitiveness of domestic textile industry.
As, India is the biggest competitor of Pakistan in the international textile arena and it is a matter of grave concern that Pakistani export markets are being slowly taken over by aggressive Indian marketing; during last one year, the Pakistani Rupee has appreciated and the differential between Pak and Indian Rupee has dropped from Rs 44.92 to current value of Rs 36.89 thus appreciating by Rs 8.03 (18 percent).
The impact of appreciation has been further aggravated by massive subsidies given by Indian Government to its export industry in the form of export subsidy @ 3% of export value, 5% relief in interest payment on capital expenditure, subsidy of Rs 1 on electricity tariff and numerous other incentives.
The import of Indian yarn into Pakistan is increasing day by day and during last three years the import of Indian Yarn has increased from 4,927 tons to 25,839 tons. It is a matter of serious concern that India has erected an invincible wall particularly against yarn imports, as a result of which there are no meaningful yarn imports into India.
APTMA in its letter to Federal Ministries of Finance and Commerce as requested that this matter involving survival of the largest industry of Pakistan be taken up with appropriate quarters including the Federal Ministries of Finance and Commerce. In view of the crisis situation they have called for action on an urgent basis.
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