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Focus on long term energy policy, APTMA tells govt
28
May '11
In its budgetary proposal, The All Pakistan Textile Mills Association (APTMA), among several measures, has suggested having a long-term energy policy and reducing interest rates, which were hiked in a bid, to tame inflation.

APTMA proposed these initiatives in order to ensure all round growth of the textile industry in Pakistan.

Giving details about the proposals to fibre2fashion, Mr Ejaz said, “APTMA is looking at two basic reforms in Pakistan. “First, we have proposed having a long-term energy vision, since we are more and more dependent on oil, which is not the way forward as it is the most expensive way of producing electricity.

“So APTMA has put across a proposal, to create an energy policy with a five, ten or even a thirty year vision, in the form of a policy statement. For which, we need to focus on indigenous raw materials, like coal, gas or nuclear energy, by immediately adding 6,000 MW in three years.

“And then every year, we need to add, as per the growth rate that we are forecasting for Pakistan. So we need to have a policy vision statement which should be a part of the Federal Budget this time, so that a vision is given to the country's industry, where no investment is taking place and chart a way forward for our country”, he informed.

“Secondly, to control inflation, Pakistan has increased interest rates to 14% and it is not helping our country. It has come to a point that, there is zero investment. Against this, in India it is just 8-10 percent.

“So, actually, we are not using the right tool and are over-killing the concept of inflation. We really need to bring down the interest rate to 7 percent, so that our industry has room to expand, because there is no investment happening at 14 percent interest rates.

“So it has to be a growth-oriented policy rather than only, inflation-curb policy. It is the fiscal deficit, due to which the government has to borrow and which is causing inflation. This is neither helpful to the government also, because they are paying two times the real interest rates to the banks. So, this is no way to control inflation”, he noted.

“These are the two most important budgetary proposals, APTMA has suggested to the President of Pakistan in the presence of APTMA members and the whole Federal Cabinet, including the economic and energy ministers”, he concluded by saying.

Fibre2fashion News Desk - India

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