Textile Industry makes 1 billion dollars in profits after 10 years.
- The textile industry of Pakistan has made a profit of 1 billion dollars after 10 years.
- All Pakistan Textile mills association has thanked Prime Minister Imran Khan.
- The Textile Industry has thanked it by publishing an ad in the newspaper.
Let’s take a look at the words of the Textile Industry while they thank Prime Minister Imran Khan.
“Your personal ownership and meeting industry stakeholders directly every month to understand and resolve issues of export-led growth especially regionally competitive energy at 7.5 cents power and $6.5 Gas/ RLNG have resulted in:
- 26 percent increase in textile exports in volumetric terms.
- Profit of the industry at over a billion dollars earned from the world for the first time after 10 years.
- Industries contribution to the exchequer through income tax of Rs 40 Billion plus Rs. 35 Billion Indirect Taxes.
- Directly maintaining jobs of over 10 million people and many more dependents. “
We thank you for setting up a Textile Task Force for policy formulation and implementation. This Task Force will enable the sector to invest $3 billion this year for up-gradation and new projects. for which the equity has been earned internationally.
The industry is committing to keeping reinvesting and will InshaAllah double textile exports over the next 4 years to over $26 billion while creating 5 million new jobs. ”
After thanking the prime minister, the textile industry has shown their requirements as well. They’re as follows:
- Continuation of Energy Package
- Reconsideration of the withdrawal of Zero Rating of at least a staggering GST rate over 3 years.
- Domestic Commerce has become non-viable and requires a reassessment of rates and policy urgently.
- 17% GST and nontradable bonds have soaked up all the liquidity which was meant for investment, ensure prompt refund to maintain liquidity and correction of terms of refund bonds.
- Extending LTFF to Indirect Exporters and allowing garmenting to be fully covered.
- Special initiative for the revival of 100 sick units.
- Cotton crop failure; a shortfall of 5 million bales
- Revamp and reorganize cotton development organizations.
- Immediate removal of all taxes and duties on cotton import.