Pakistan govt announced support price of cotton at Rs3,000

The Pakistan government has announced Rs 3,000 per 40 kilograms support price of cotton. This was informed by Minister for Textile and Industry Abbas Khan Afridi on Wednesday at the National Assembly.

Also, Trading Corporation of Pakistan (TCP) has been directed to purchase the cotton from the farmers. The Minister said that the government was committed to protect the interest of the farmers and TCP had started to purchase cotton from the farmers.

During the first 8 month of current fiscal year cotton yarn imports from all countries has increased from 12 million Kgs to 23.9 million kgs as compared to same duration of last year.

The Minister further said that ministry of textile industry moved a summary to the ECC of the cabinet to withdraw SRO 15 (1) 2010 and restore import duty of 5 percent.

The ECC of the cabinet approved the said summary on April 17 and the federal board of revenue issued the SRO 326 (102014 on April 25.

A comprehensive textile package has been introduced by the government in the latest budget.

Abbas Khan said that textile exports had increased by 8.04 percent during July, March 2013-14 which shows better export of performance as compared to corresponding period of 2012-13. GSP Plus Status was granted by EU to Pakistan which was effective from January.