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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

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