Home / Knowledge / News / Textiles / Pakistan's new Textile Policy eyes $26bn exports by 2019
Pakistan's new Textile Policy eyes $26bn exports by 2019
11
Feb '15
Mr Afridi announcing Textile Policy
Mr Afridi announcing Textile Policy
Pakistan’s ministry of textile industry has announced the long-awaited Textile Policy 2014-19, which sets annual exports target of US$ 26 billion by 2019.
 
“The annual exports target of $26 billion by 2019 is ambitious but not beyond our potential,” minister for textile industry Abbas Khan Afridi said while addressing a press conference.
 
Budgetary support, drawback of local taxes and levies, easy finance, sales tax regime, duty free import of machinery, policy interventions, tariff rationalisation, fibre diversification, product diversification, SME development, enactment of domestic labour laws, revival of sick units, marketing strategies, technology upgradation, establishment of world textile centre and model cotton trading houses, revitalisation of projects like Pakistan Textile City, garment cities and capacity building of the ministry and related organisations are the salient features of the textile policy.
 
Besides doubling textile exports from $13 billion to $26 billion, the textile policy 2014-19 aims to double value addition from $1 billion per million bales to $2 billion per million bales by 2019, facilitate investment of additional $5 billion in machinery and technology, improve fibre mix in favour of non-cotton i.e from 14 per cent to 30 per cent, improve product mix especially in garment sector from 28 per cent to 45 per cent,  promote use of information and communication technologies, and development and strengthening of clusters, Amir Marwat, secretary textile industry, said.
 
In the textile policy, the ministry proposed that schemes approved in finance bill 2014-15 may continue during the next five years. These schemes include drawback of local taxes and levies (DLTL), reduction in markup rate from 9.4 per cent to 7.5 per cent under export refinance scheme, long-term financing facility for technology upgradation at the rate of 9 per cent, duty free import of machinery, and vocational training.
 
For the five-year period 2014-19, an amount of Pk Rs 64.15 billion will be spent towards the textile sector, with the finance division providing Rs 40.6 billion and the remaining Rs 23.5 billion to be financed through Planning Commission and Textile Development Fund. The amount of Rs 40.6 billion has been reserved for incremental DLTL, Technology Upgradation Fund, Brand Development Fund and drawback on deemed import basis.
 
The remaining Rs 23.40 billion will be allocated for skill development of handloom workers, textile exhibition, hand knotted carpets, hand knotted carpet training, SME, trainings, product development and innovation fund, skill development programme, textile universities, world textile centre, weaving city, mega and minor cluster development and better cotton initiative.
 
On energy issue, a joint committee of ministries of textile industry, petroleum and natural gas, water and power will take measures to give priority to textile sector for availability of energy to fully utilise GSP plus status.
 
Pakistan has complete textile production chain and the sector provides employment to about 40 per cent of industrial labour force, consumes more than 40 per cent banking credit and accounts for more than 8 per cent of the country’s GDP. (RKS)
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Marazban F Velati
Sutlej Textiles & Industries limited

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

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Robert Brunner
Devereux

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


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



X