Home / Knowledge / News / Apparel/Garments / Pak hosiery industry slams 2011-12 Budget
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He said that the budget has withdrawn subsidies worth around Rs. 290 billion, which would result in increase in prices paid by the consumers, as the production costs of the manufacturers would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

Must ReadView All

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Himatsingka Seide incorporates subsidiary in Europe

Himatsingka Seide Ltd, one of the largest producers of home textiles...

Courtesy: Green Initiatives

Apparel/Garments | On 20th Feb 2017

Green Initiatives launches Re:Form to end textile waste

Green Initiatives, a non-government institution, has launched...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search