Home / Knowledge / News / Textiles / Textile firms optimistic regarding first textile policy
Textile firms optimistic regarding first textile policy
19
Feb '10
A multitude of issues are currently facing the Pakistan textile industry. The sector needs to enhance its product quality, upgrade the technology, and encourage appropriate research and developmental activities.

High interest rates, costs of inputs, and non-guaranteed energy supplies also hinder the competitiveness of the industry. Increasing interest rates have seriously affected small owners, while hindering in the growth of textile tycoons.

Due to the global meltdown, textile exports of Pakistan were down by 9.5% during 2008. Textile owners felt it was imperative for the Government to take actions that would result in a positive impact on the industry.

The Pakistan Government announced the first ever textile policy, 2009-2014, in order to boost exports of the country. Chaired and approved by the Prime Minister Yousaf Raza Gilani, it aims to enhance the existing 10 billion USD exports to 25 billion USD by 2015. The challenges faced by the industry during the quota-free trade regime are optimistically believed to be suppressed by the policy.

The policy enables an amount of 42 billion rupees in subsidies, and incentives during the fiscal year 2009-2010. Export refinance is reduced at a rate of 5% with a Rs. 2.5 billion allocation.

Rs.5 billion is allocated as a relief on the existing long term loans of the textile industry. Duty drawbacks are offered between 1 to 3% for a period of two years for value added textile exports which will aid the industry to offset both its direct, and indirect costs. It also exempts the industry from lead shedding and allows it to have a prioritized gas supply.

A Technology Up gradation Fund (TUF) is proposed to contribute around 20% of the capital cost as a grant. The Government has currently allotted Rs.1.6 billion for this, will is planned to be increased to Rs.17 billion by 2014.

Click here to read the complete article.

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Pyrates Smart Fabrics

Textiles | On 16th Jul 2018

Spain's Pyrates Smart Fabrics targets Asia, S America

Spain-based Pyrates Smart Fabrics, whose major markets are northern...

Bangladesh to modernise 3 jute factories to boost sector

Textiles | On 16th Jul 2018

Bangladesh to modernise 3 jute factories to boost sector

The executive committee of Bangladesh’s National Economic Council...

Courtesy: Asda

Apparel/Garments | On 16th Jul 2018

J Sainsbury agrees to £3.5 bn financing for Asda merger

J Sainsbury plc has agreed for a financing package of £3.5 billion in ...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Steve Cole
Xerium Technologies

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

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

Leave your Comments


July 2018

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

news category


Related Categories:

Advanced Search