Owing to declining production of cotton this season, Pakistan will have to import 4 million cotton bales at a cost of $1.50 billion, says an estimate. This situation could worsen the economic situation as loans already given and now imports of such significant amount can create problems for the country’s economy.
Here, it is relevant to mention that the economic growth was affected by 5 per cent owing to the low production of cotton last year. On the other hand, textile mill owners have demanded the government should decrease import duty to 4 per cent on raw cotton. It is also worth mentioning that cotton production increased by 11 per cent compared to last season. However, production was still not sufficient for the current needs.