Home / Knowledge / News / Textiles / APBUMA urges Govt to revise hike in policy rate
APBUMA urges Govt to revise hike in policy rate
Aug '10
M Anees Khawaja, Chairman of All Pakistan Bedsheets and Upholstery Manufacturers Association (APBUMA) is worried over the rise in interest rates by the State Bank of Pakistan (SBP) and has stated that the textile industry is already under immense pressure owing to incessant dearth of energy.

Khawaja continued that, although industrialists continuously demanded to slice the interest rates to single digit, so as to protect country's injured economy, SBP policymakers ignored the pleas. Instead they further tightened the monetary norms, and hence the decision of hiking the policy rate came to fore. Currently, both trade and industry are undergoing multiple challenges and are in urgent need of certain incentive packages.

The rising interest rate and power tariff will act as an end result to the current inflation, which will lead to rising cost of manufacturing and doing business. All this will eventually push towards multiplication of the prices of consumer products.

This sudden increment will harm the medium and small units dealing in export of textile made ups and home textile goods, which are currently facing huge problems and is completely dependent on loans from banks. Khawaja eventually stated that, the textile sector, per say, is surrounded by dreadful financial troubles.

Currently, government possesses billion of rupees of the textile segment, on accounts of sales tax refund. More over, allegedly SBP has also hauled the payments of Drawback of Local Taxes and Levies Claims, owing to non-allocation of funds.

More over, the increasing cost of doing business, due to extraordinary rise in energy and raw material has minced major portion of the available liquidity. Khawaja condemns the government for being ignorant towards problems of the textile sector, which is the core of the country's economy.

Khawaja has urged the government and SBP officials to re-think the current rise in policy rate to single digit. He also said that, prior to implementing this step; the outcome should be rightfully matched with the economic price, which has to be paid.

Fibre2Fashion News Desk - India

Must ReadView All

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Larry L Kinn
Suominen Corporation

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Robert Brunner

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

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
July 2017

July 2017

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


Browse Our Archives


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