Home / Knowledge / News / Textiles / Pakistan's new Textile Policy eyes $26bn exports by 2019
Pakistan's new Textile Policy eyes $26bn exports by 2019
11
Feb '15
Mr Afridi announcing Textile Policy
Mr Afridi announcing Textile Policy
Pakistan’s ministry of textile industry has announced the long-awaited Textile Policy 2014-19, which sets annual exports target of US$ 26 billion by 2019.
 
“The annual exports target of $26 billion by 2019 is ambitious but not beyond our potential,” minister for textile industry Abbas Khan Afridi said while addressing a press conference.
 
Budgetary support, drawback of local taxes and levies, easy finance, sales tax regime, duty free import of machinery, policy interventions, tariff rationalisation, fibre diversification, product diversification, SME development, enactment of domestic labour laws, revival of sick units, marketing strategies, technology upgradation, establishment of world textile centre and model cotton trading houses, revitalisation of projects like Pakistan Textile City, garment cities and capacity building of the ministry and related organisations are the salient features of the textile policy.
 
Besides doubling textile exports from $13 billion to $26 billion, the textile policy 2014-19 aims to double value addition from $1 billion per million bales to $2 billion per million bales by 2019, facilitate investment of additional $5 billion in machinery and technology, improve fibre mix in favour of non-cotton i.e from 14 per cent to 30 per cent, improve product mix especially in garment sector from 28 per cent to 45 per cent,  promote use of information and communication technologies, and development and strengthening of clusters, Amir Marwat, secretary textile industry, said.
 
In the textile policy, the ministry proposed that schemes approved in finance bill 2014-15 may continue during the next five years. These schemes include drawback of local taxes and levies (DLTL), reduction in markup rate from 9.4 per cent to 7.5 per cent under export refinance scheme, long-term financing facility for technology upgradation at the rate of 9 per cent, duty free import of machinery, and vocational training.
 
For the five-year period 2014-19, an amount of Pk Rs 64.15 billion will be spent towards the textile sector, with the finance division providing Rs 40.6 billion and the remaining Rs 23.5 billion to be financed through Planning Commission and Textile Development Fund. The amount of Rs 40.6 billion has been reserved for incremental DLTL, Technology Upgradation Fund, Brand Development Fund and drawback on deemed import basis.
 
The remaining Rs 23.40 billion will be allocated for skill development of handloom workers, textile exhibition, hand knotted carpets, hand knotted carpet training, SME, trainings, product development and innovation fund, skill development programme, textile universities, world textile centre, weaving city, mega and minor cluster development and better cotton initiative.
 
On energy issue, a joint committee of ministries of textile industry, petroleum and natural gas, water and power will take measures to give priority to textile sector for availability of energy to fully utilise GSP plus status.
 
Pakistan has complete textile production chain and the sector provides employment to about 40 per cent of industrial labour force, consumes more than 40 per cent banking credit and accounts for more than 8 per cent of the country’s GDP. (RKS)
 

Fibre2fashion News Desk - India


Must ReadView All

Charge 1p per garment to tackle fast fashion: British MPs

Apparel/Garments | On 21st Feb 2019

Charge 1p per garment to tackle fast fashion: British MPs

A panel of British parliament members cutting across party lines...

Chinese textile city to harm Egypt's domestic industry

Textiles | On 21st Feb 2019

Chinese textile city to harm Egypt's domestic industry

Setting up of a Chinese textile city in Egypt will severely harm the...

Pakistan's textile exports up 1.19% in July-Jan FY19

Textiles | On 21st Feb 2019

Pakistan's textile exports up 1.19% in July-Jan FY19

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Top executives, Textile industry

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Fan Liyuan,

Fan Liyuan

Chinese company Jiangsu Yingyang Nonwoven Machinery, established in 1993,...

Ravi Raj Desai,

Ravi Raj Desai

Himalaya Cotton Yarn Ltd manufactures high quality denier. The spinning...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

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

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Robert Brunner, Devereux

Robert Brunner
Devereux

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

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2019

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

news category


Related Categories:

Advanced Search