Home / Knowledge / News / Textiles / APTMA slams SBP for sacrificing industrial growth
APTMA slams SBP for sacrificing industrial growth
18
Apr '12
State Bank of Pakistan's (SBP) move of retaining interest rates at high levels in its Monetary Policy statement for last quarter of 2011-12 has been condemned by All Pakistan Textile Mills Association (APTMA), which has alleged that SBP is sacrificing growth of textile industry in the country by keeping interest rates at higher levels.

APTMA Group Leader Gohar Ejaz said high interest rates are further hampering the growth of the public sector in Pakistan, and there is an urgent need to reduce the policy rate down to 900 basis points.

As stated by Mr. Ejaz, the Government is enduring a loss of Pk Rs. 360 billion in circular debt, which can be easily met by increasing revenue generation by lowering interest rate.

He said that Non-Performing Loans (NPLs) have already gone up to 31 percent, and owing to severe energy crisis NPLs are likely to touch 40 percent by the end of the current quarter.

He added that SBP has accepted that majority of the bank loans have been obtained by the Government. This implies that the private sector does not get a major part in distribution of loans, and hence the Consumer Price Index (CPI) weight becomes irrelevant.

Mr. Ejaz said the energy crisis is weakening the already ailing Pakistan's textile industry and this would not only have an adverse impact on exports but also on the industry's employment generation capacity.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

New Pashmina Dehairing Plant to come up in Leh

A new Pashmina Dehairing Plant will be installed at Leh to increase...

Apparel/Garments | On 25th Mar 2017

Net sales at Christopher & Banks fall 10% in Q4

Net sales totalled $85.0 million for the fourth quarter ended January ...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Eric Scholler
Groz-Beckert

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

news category


Related Categories:
March 2017

March 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