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Pak hosiery industry slams 2011-12 Budget
10
Jun '11
Salamat Ali, Chairman of Pakistan Hosiery Manufacturers & Exporters Association (PHMA), North Zone has expressed dissatisfaction over 2011-12 Federal Budget.

According to Mr. Ali, the Government has not made any efforts except for following the guidelines of the International Monetary Fund (IMF). He said that the value-added textile industry, which is the strength of the country's economy, is experiencing severe crisis since last many years.

Mr. Ali said that entrepreneurs were expecting a result-oriented and viable budget along with incentives for the textile sector, but the Government has been unsuccessful in giving priority to the interest of the industry.

He said that the budget has withdrawn subsidies worth around Rs. 290 billion, which would result in increase in prices paid by the consumers, as the production costs of the manufacturers would increase.

He also added that the power and gas shortages have almost pushed the textile industry to the brink.

The PHMA head further said that the situation has deteriorated even more due to high mark-up rate of around 18 to 20 percent and has crippled the industry. He cautioned that if it leads to the closure of industries, it would not only result in high scale unemployment but would also cause the Government to lose on the revenues which it badly requires.

Mr. Ali raised a demand for a feasible relief package for the value-added textile sector which also would support higher employment generation for unemployed youth in the country. Also, he urged the Government to exempt the industry from power and gas load shedding to facilitate its sustenance.

Fibre2fashion News Desk - India

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