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Pakistan reduces regulatory duty on raw material imports

The Pakistan Tehreek-e-Insaf (PTI) government, which is in the process of reshaping economic policies, has reduced regulatory duty on raw material imports, especially for the five zero-rated sectors. This reduction in duty on 82 items would save Rs 5 billion for the textile industry in remaining months of the current fiscal year 2018-19.

This is in addition to the Rs 44-billion benefit the industry, especially those located in Punjab, is being provided through gas subsidy to make the utility price uniform across all four provinces in the country.

As per Pakistan Bureau of Statistics (PBS), the industry earned $13.53 billion in export proceeds in the previous fiscal year ended June 2018 that came to around 58 per cent of total exports of $23.22 billion in the year. In the first two months (July-August) of the current fiscal year, the industry fetched $2.26 billion in exports or 62 per cent of the total export proceeds of $3.66 billion.