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Pakistan Govt releases Rs 1.61bn for textile schemes
13 May '11
2 min read
The Government of Pakistan is doing all it can to enable the textile sector to achieve the target of textile exports of $25 billion, according to Shahid Rashid, the Federal Secretary for Textiles.
In order to support various textile initiatives the Ministry of Textiles has timely released funds to the tune of Rs. 1.61 billion and sent instructions to State Bank of Pakistan for immediate disbursal of the released funds.
Out of the original allocation of Rs. 7.5 billion for the current financial year, the Ministry had released Rs. 4.825 billion earlier. A sum of Rs. 1.065 billion is yet to be released.
The Secretary for Textiles said that his Ministry will keep on working sincerely for the sustained expansion and growth of textile sector. He added, “The government knows the importance of textile sector and all necessary steps would be taken in consultation with all stakeholders to protect and promote the industry."
Besides the release of funds, the Government has taken several steps to revive sick industries. This has resulted in an increase of growth rate of 100 large manufacturing industries by 4.85 per cent.
Realizing that textiles offer a unique and realistic opportunity to strengthen the economy for its sustainable growth, the Government has also established a fund of 10 billion rupees to protect the small and medium enterprises.
The Secretary said that the Textiles Policy has set out a development roadmap and represents a new beginning for the textiles sector. Through this policy, the government has provided necessary support for accelerating progress of textiles in Pakistan.
He added that it is now the responsibility of the private entrepreneurs, business leaders, exporters, and all others affiliated with the textile industry to transform the Government's policy vision into reality.
In order to support various textile initiatives the Ministry of Textiles has timely released funds to the tune of Rs. 1.61 billion and sent instructions to State Bank of Pakistan for immediate disbursal of the released funds.
Out of the original allocation of Rs. 7.5 billion for the current financial year, the Ministry had released Rs. 4.825 billion earlier. A sum of Rs. 1.065 billion is yet to be released.
The Secretary for Textiles said that his Ministry will keep on working sincerely for the sustained expansion and growth of textile sector. He added, “The government knows the importance of textile sector and all necessary steps would be taken in consultation with all stakeholders to protect and promote the industry."
Besides the release of funds, the Government has taken several steps to revive sick industries. This has resulted in an increase of growth rate of 100 large manufacturing industries by 4.85 per cent.
Realizing that textiles offer a unique and realistic opportunity to strengthen the economy for its sustainable growth, the Government has also established a fund of 10 billion rupees to protect the small and medium enterprises.
The Secretary said that the Textiles Policy has set out a development roadmap and represents a new beginning for the textiles sector. Through this policy, the government has provided necessary support for accelerating progress of textiles in Pakistan.
He added that it is now the responsibility of the private entrepreneurs, business leaders, exporters, and all others affiliated with the textile industry to transform the Government's policy vision into reality.
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