Interviews
Textile industry demands 5% interest rate refund
29 Aug '11
4 min read
Chairman APTMA said the government should not force its exporting industry to bankruptcy because of wrong policy and bring interest rates down to 7.5%. There is a need of out of box solution to keep exporting industry alive through paying back 5% on all outstanding short and long term loans on 30 June 2011, he added.
Chairman APTMA said the textile industry achieved $14 billion exports during outgoing fiscal year. However, he added, the level of activity achieved by the industry on its own will be difficult to sustain in the future without any stimulus from the government. Further, the current non-performing loans amount to Rs.600 billion, which in the event of unresponsiveness by the government are likely to go up sharply. Therefore, the government should provide5% interest rate refund on all outstanding short and long term loans as on 30 June 2011 to the textile industry in the prevailing crisis like situation, he concluded.
Chairman APTMA said the textile industry achieved $14 billion exports during outgoing fiscal year. However, he added, the level of activity achieved by the industry on its own will be difficult to sustain in the future without any stimulus from the government. Further, the current non-performing loans amount to Rs.600 billion, which in the event of unresponsiveness by the government are likely to go up sharply. Therefore, the government should provide5% interest rate refund on all outstanding short and long term loans as on 30 June 2011 to the textile industry in the prevailing crisis like situation, he concluded.
All Pakistan Textile Mills Association (APTMA)
Popular News
Leave your Comments
Editor’s Pick
Pratik Gadia
The Yarn Bazaar - Filosha Infotech Private Limited
Folker Stachetzki
Brother Internationale Industriemaschinen GmbH
Cary Vaughan & Jenna Wilson
Label - ace&Jig
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
