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Pakistan Budget 2017-18 proposes 4 new measures
27
May '17
Pakistan
Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan
To support the textile sector in Pakistan, finance minister Mohammad Ishaq Dar has proposed four new measures in his 2017-18 Budget speech. In view of the importance of the textile sector in Pakistan’s economy, all the measures announced in FY2016-17 like duty-free import of textile machinery will continue in FY2017-18, the minister said.

The new measures proposed in the FY 2017-18 the begins on July 1 are: (1) To stabilise cotton prices in the country, a system of cotton hedge trading for the domestic cotton will be initiated in consultation with stakeholders; (2) In consultation with public and private stakeholders, the government will launch Brand Development fund for textile sector; (3) The approval process of establishment of 1,000 stitching units has been completed and its implementation will start during FY 2017-18 and shall be completed in three years; (4) Textile Ministry will launch the first ever online textile business/trade portal for textiles using B2B (business to business) and B2C (business to consumer) mode. This will bring Pakistan textiles’ value chain in line with global marketing practices.

The minister further proposed reducing import duty on nonwoven fabric (used in the pharmaceutical sector for manufacturing of bandages, surgical gowns, wound dressings, etc) from existing 16 per cent to 5 per cent.

Commenting on the Budget 2017-18 proposals, The All Pakistan Textile Mills Association (APTMA) said that the Budget has disappointed the textile industry as the proposals given by the industry have not been announced. (RKS)

Fibre2Fashion News Desk – India


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