Home / Knowledge / News / Textiles / Pakistan towel manufacturers' seek incentives from govt
Pakistan towel manufacturers' seek incentives from govt
11
Sep '12
The Towel Manufacturers’ Association of Pakistan (TMA) has urged the Government for immediate implementation of some incentives for exporters.
 
The value-added textile industry of Pakistan is experiencing financial crisis, mainly due to a delay in providing incentives announced in the Textile Policy 2009-14, TMA Chairman Feroze Alam Lari, said.
 
He called on the ministries of commerce, textile industry and the State Bank of Pakistan (SBP) to look into the present adverse economic situation and initiate steps to revive the waning textile exports, before it gets too late.
 
He suggested implementation of one percent additional increase in allowance on a 15 percent year-on-year rise in exports in dollar terms. A circular on allocation of funds for this purpose is pending with the SBP, he said.
 
Secondly, he said that presently exporters obtain finance at 10.5 percent interest rate, however, as announced in the Textile Policy, only 5 percent of this interest should be charged from the exporters, while the rest 5.5 percent should be borne by the Government. Meanwhile, it is also expected of SBP to reduce the mark up rates to three percent, he added.
 
Further, he said the drawbacks on local taxes and levies (DLTL) notification which was valid up to June 30, 2011, should be extended up to 2014, in lines with the Textile Policy.
 
However, Mr. Lari welcomed SBP’s recent directions to other banks and DFIs on processing of mark-up claims and extending investment assistance to textile sector under the Ministry of Textile Industry’s Technology Up-gradation Fund Scheme. He expects the decision to incite the flow of investment for machinery and technology up-gradation in the industry.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles minister Smriti Irani at a press conference with minister of state for textiles, Ajay Tamta, the principal director general (M&C), PIB, AP Frank Noronha and other dignitaries. Courtesy: PIB

Apparel/Garments | On 23rd May 2017

Special package for knitwear coming soon: Irani

Union textiles minister Smriti Irani said that the government of...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search