Expressing his worries over the snub response from the ministry as well as the National Electric Power Regulatory Authority (NEPRA) he urged for an immediate notification on the exact status of the same, according to reports in the Pakistani media.
“The prevailing industrial tariff for December was about Rs 11.60 per kilowatt-hour, adding that an announcement of reduction of Rs 3 per kilowatt-hour will bring it down to below Rs 9 per kilowatt-hour, in line with the electricity tariff of competitors in the region. The export-oriented textile industry in particular had taken a sigh of relief over the announcement made by the prime minister in December last year, but no notification has been made public so far,” he said.
He further added that the export orders are not being processed as the textile industry is in a state of fix whether to exclude Rs 3 per kilowatt-hour from production cost or not while quoting rates to foreign buyers.
“Already, a production capacity worth $3.7 billion has been closed down. One major reason for this is the unaffordable power tariff, resulting in an exorbitant production cost. Furthermore, liquidity crunch being faced by the industry and the exporters is also due to the pending refunds of industry, accumulated to the tune of Rs 200 billion on account of sales tax, customs, income tax and textile policy initiatives,” he added.
Saud said the World Economic Forum in Davos is considering the “fourth industrial revolution” while Pakistan is sliding backwards by failing to ensure a congenial environment for industrialisation.
Expressing his regrets on fact that the exports are being further burdened with incidentals of various taxes, levies and surcharges he said the government and the industry can jointly reverse the situation by working together. (NA)
Fibre2Fashion News Desk – India
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