KARACHI, June 16: The textile industry has warned the government that there will be a large scale default on bank loans and advances if no steps are taken to ensure the industry’s viability and make its products competitive in the world market. These fears were expressed on Friday in an emergent meeting of all sectors of the textile industry at the All Pakistan Textile Mills Association (APTMA) principal office.

The well-attended representative meeting of heads of all textile sectors expressed their disapproval of the budget proposals and felt that there were no relief and necessary measures expected and committed at the highest government level.

They said the textile industry was not in a position to sustain losses caused by high input cost and face regional competitors in the world market.

The participants expressed that the budget did not incorporate any relief measures to ensure viability of the textile industry. “Instead such measures were proposed which would affect the industry and increase the cost of production,” they added.

Despite the fact that there was no long-term textile policy, the industry went for massive investment to face the challenges of the post-WTO period. It expected the government support when situation demands.

On the contrary, the participants felt, the government made no worth mentioning move to even safeguard country’s textile share in the world market.

The industry leaders cautioned that if indifferent attitude towards the textile industry continued there would be negative repercussions that would be detrimental to the national economy.

The members felt that the government should act swiftly to remove the factors causing imbalance in the cost of production. “The government must ensure that the cost of inputs remains on a par with countries of the region so that the industry could survive and manage to sell products at competitive rates in the world market.”

The participants point out that even today the textile industry remains the main foreign exchange earner and provides highest job opportunities to skill and unskilled work force of the country.

The meeting unanimously called upon the government to take steps to make country’s textile products competitive in the world market.