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Ministry promises bailout package for textile sector
25 Jan '07
1 min read
Bailout package for textile sector will be declared before the budget 2007-2008, Textile Minister Mushtaq Ali Cheema said at an opening ceremony of textile machinery exhibition in Lahore.
He also told that ministerial committee would soon submit its report on relief package to Prime Minister.
On the issue of tax-free packages for the industry, Cheema said that Government is taking all the options into consideration to bring zero-rating to the industry.
He also pointed out that it would be impossible to remove all the taxes from industry because such an action would affect labourers in the sector.
On duty free import of cotton from India, Government is looking for possible solutions but farmers and ginners are concerned about this issue, Minister added.
Spinning sector was expecting relief package from the Government by the start of the year to reduce production cost and to make products more competitive in global market.
Till now, no concrete steps are taken by the Government to provide relief package to industry.
GET LATEST UPDATE ON UNION BUDGET 2007-2008
He also told that ministerial committee would soon submit its report on relief package to Prime Minister.
On the issue of tax-free packages for the industry, Cheema said that Government is taking all the options into consideration to bring zero-rating to the industry.
He also pointed out that it would be impossible to remove all the taxes from industry because such an action would affect labourers in the sector.
On duty free import of cotton from India, Government is looking for possible solutions but farmers and ginners are concerned about this issue, Minister added.
Spinning sector was expecting relief package from the Government by the start of the year to reduce production cost and to make products more competitive in global market.
Till now, no concrete steps are taken by the Government to provide relief package to industry.
GET LATEST UPDATE ON UNION BUDGET 2007-2008
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