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

Courtesy: H&M

Apparel/Garments | On 30th Mar 2017

H&M group's sales increase 7% in 3 months to Feb '17

The H&M group's sales including VAT amounted to SEK 54,369 million...

Textiles | On 30th Mar 2017

Vietnam’s textile & garment exports earn $4bn in Jan-Feb

Vietnam earned $4 billion from textile and garment exports in the...

Textiles | On 30th Mar 2017

India Inc should work for July 1 GST roll out: Fin sec

The Goods and Services Tax (GST) will take India into a very exciting ...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Ashok Desai
Bombay Textile Research Association

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Madhu Jain
Madhu Jain

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

Prathyusha Garimella
Prathyusha Garimella

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

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
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