KARACHI: Expressing concern over delay in the approval of textile policy 2014-19, industry leaders have stated that it is not only depriving the industry, but also causing setback to exporters.
The textile industry raised the issue on Wednesday and demanded its early approval. In a statement, Tariq Saud, chairman, All-Pakistan Textile Mills Association (Sindh-Balochistan region) stated that inordinate delay in the approval of new textile policy is deepening uncertainty in business circles.
He further stated that the government had announced several incentives in the budget 2014-15, including settlement of outstanding refund claims, rationalisation of refund regime, establishment of Exim Bank, reduction in mark-up rate for export refinance, duty-free import of textile machinery, but the delay in the approval of new textile policy had become a hurdle.
Tariq Saud recalled that the previous government had allocated Rs180bn in Textile Policy 2009-14, but disbursed only Rs28bn or 15pc of the total allocation.
Meanwhile, as many as 12 value-added textile sector leaders in a press conference held at PHMA House on Wednesday expressed concern over the issue.
Published in Dawn, January 29th, 2015