All Pakistan Textile Mills Association ( APTMA ) Central Chairman Tariq Saud said that the government’s decision of imposing regulatory duty of 10 per cent on yarn and fabric is sensible and based on thorough facts.
Around 40 per cent capacity of spinning, weaving and processing mills has become impaired, closed and inoperative. In this situation, the government’s decision would play a crucial role in saving the textile industry of Pakistan from the crisis, Tariq said.
According to financial reports, the textile companies in spinning, weaving and composite units have suffered losses of around Rs 40 million on average, he said. More than 27 basic textile mills have faced major losses while other mills are yet to conduct annual general meetings to disclose their losses, he said.
Despite the latest increase in the price of textile products due to higher rate of cotton index at the New York stock exchange, the textile mills are still suffering losses which are forcing the mills to shut down its operations, he said.
Tariq said that the Textile industry needs revival of the industry expeditiously before it affects the agriculture, made-ups and closing sector.
