June 23, 2007	Saturday	Jamadi-us-Sani 07, 1428

ISLAMABAD, June 22: A large number of spinners held a demonstration on Friday in front of the parliament to press the government for a relief package for the spinning industry.

The All-Pakistan Textile Association (APTA) representatives asked the government to allow a five per cent research and development subsidy for the spinning sector as given to all other textile sectors.

They also demanded that short-and long-term loans be converted and these should be repayable over seven years to cover leasing and bank lending as done for other textile sectors, and the mark-up rate on such loans should be 7.5 per cent.

The APTA demanded a 25 per cent cut in utility prices for textile spinning mills as done for the agriculture sector as cost of production of the spinning sector had increased manifold because of soaring credit price, utility charges, indirect taxation and raw material cost.

There are 458 spinning units in the country employing more than 300,000 people in the production of yarn, which is the basic raw material for the textile products.

The APTA claimed that if the government did not provide relief package to the spinning sector, the maximum spinning units will close down in the near future.

The spinning industry owners were carrying placards inscribed with their demands.