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'Include spinning sector in BMR of LTFF scheme' – APTMA
23
May '09
Mr Tariq Mehmood, Chairman, APTMA
Mr Tariq Mehmood, Chairman, APTMA
The All Pakistan Textile Mills Association (APTMA) has requested the government to include the textile spinning sector in the Balancing, Modernization and Replacement (BMR) of the Long Term Financing Facility (LTFF) of the apex bank as a trade policy initiative.

The government in 2007 had launched the LTFF scheme which lends credit for installing new machinery at concessional rates, but the textile industry had not been included in the scheme.

Fibre2fashion spoke exclusively to Mr Tariq Mehmood, Chairman, APTMA, who said, “In the coming days, three big events are going to take place. Budget in June; new textile policy will be declared and long term trade policy will be announced”.

He continued, “Spinning sector of textile industry has not been included in the Long Term Financing Facility (LTFF) scheme and as a trade policy initiative, is a very effective scheme providing helping hand to almost all sectors in textile industry".

But, he lamented, “The spinning sector has not been included in the said scheme. Hence APTMA has urged government, to include spinning industry in LTFF so that the benefits can be fully availed”.

“As a matter of fact 45 percent of the $5 billion investment in the textile industry, since 2001, was made by the textile spinning industry, which was not brought to the notice of the Govt, so while all other sectors of textile industry enjoy the benefits of LTTF, the spinning sector has been left out”.

Explaining the term BMR in a broader manner, Mr Mehmood said, “We have different sections in spinning and some sections in the spinning department are 'Balanced' to derive a correct product mix”.

“Then comes 'Modernization', where the same machine is replaced and upgraded with certain features which helps in consuming less electricity or can generate more energy in a greater amount then before”, he added.

“Third is Replacement where, the machine is altogether replaced with a new machine which can deliver better quality and productivity at lowered costs and is much better than the existing machine”, he concluded by saying.


Fibre2fashion News Desk - India

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