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Pakistan's delayed textile policy worries industry

The industry in Pakistan is still waiting for the textile policy. Seven months of the current fiscal have already gone by. The policy is being delayed despite the fact that textile exports showed negative growth during the first quarter of the current year. Pakistan’s exporters are chafing at the delay. They are eagerly awaiting cash incentives for their future exports and investments. 

Pakistan figures very low in the list of top textile exporting countries because of low value addition. The country’s first five-year textile policy was unveiled in 2009, but there were major constraints in its implementation. The new policy is expected to target doubling of exports and contain various cash incentives, credit subsidies and tax exemptions. About one third of this amount will be allocated for outstanding claims filed by manufacturers and exporters for refunds under the previous textile policy for 2009-14. The balance will be available for initiatives to be undertaken under the new policy. There are a few infrastructure projects, like establishment of garment-weaving cities, ginning institutes etc. under the proposed textile policy as well. 

Textile exporters have long been demanding a cut in interest rates to help boost production. However, the interest rate remains high.

 
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