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SBP pleads Govt to review textile R&D investment policy

08
May '08
State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar has informed the Economic Coordination Committee (ECC) of the Cabinet that the textile industry was grossly misusing the Research and Development (R&D) fund, and the government should review its policy of investing billions of rupees for protecting this inefficient sector of the economy.

In an exclusive interview with Fibre2fashion, Mr Athar Ahmed, Deputy Secretary General of Federation of Pakistan Chambers of Commerce and Industry stated, “While giving a report to the ECC on textile industry's performance during first 9 months of the current fiscal year in its last meeting, Dr Akhtar said that the government had provided the textile industry Rs40 billion up to April 15 for R&D with a view to help it compete in the global market, and get more export share for the country. But its performance remained dismal during this period.”

Ms Shamshad presented Federal Bureau of Statistics (FBS) with figures on exports, indicating over 3 percent negative growth, in support of her claim. The report indicated that Pakistan textile exports dipped by 3.14 percent in nine months to US $7.765 billion from $8.017 billion than the same period of last year. Such a huge drop in textile exports resulted in serious repercussion on balance of payments as this sector traditionally contributes about 67 percent to total exports.

Previously, the textile industry was enjoying refund and rebate facility on exports. However, this policy was discontinued in 2006-07 on reports that a number of inefficient textile units were getting huge fake refunds, misusing the facility.


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