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

Textiles | On 21st Feb 2017

Net profit at Indorama Ventures zooms 145% in 2016

Net profit at Thailand headquartered and Aloke Lohia led Indorama...

Information Technology | On 21st Feb 2017

ThreadSol launches IntelloBuy & IntelloCut in Vietnam

ThreadSol, the pioneer of enterprise material management for sewn...

Textiles | On 21st Feb 2017

GST to reduce documentation for logistics firms: CBRE

The Goods and Services Tax (GST) is likely to result in a reduction...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Awen Delaval

'Natural fibres are appreciated for traditional authenticity'

Kai Poehler
Voith Paper GmbH & Co. KG

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

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

February 2017

February 2017

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


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search