Pakistan APTMA calls on the government to pay attention to the living conditions of the textile industry
The All Pakistan Textile Mills Association (APTMA) formed a 16-member high-level delegation, who called on Prime Minister Raja Pervez Ashraf to pay attention to the living conditions of the textile industry.
The top leader of APTMA will give a brief introduction to the Prime Minister. Due to the shortage of electricity and natural gas supply, the competitiveness of the textile industry is being rapidly eroded.
A spokesman for APTMA said the delegation will inform the Prime Minister that investment and industrial viability are at stake due to a lack of $5 billion in BMR (balancing, modernization and replacement) over the next three years to maintain the production capacity of the $15 billion industry.
He said that the APTMA delegation also called on the Prime Minister to urge the State Bank of Pakistan (SBP) to take intervention measures in specific industries, including regional competitive interest rates, to promote economic growth and employment opportunities in Pakistan. Loans to the textile industry have fallen to the lowest level, just 7% of Rs 7 trillion, at Rs 50 crore, mainly due to the energy crisis.
Non-performing loans must reach 50% of total loans. Due to energy shortage, the operating rate is only 40%. At this time, the textile industry cannot implement the 12% interest rate and 7% bank interest rate spread. He said that India provides loans to its textile industry at an interest rate of 3.5% and it is necessary for Pakistan to learn from India.
The APTMA delegation will also discuss the issue of Rs 100/BTU and additional charges on gas infrastructure being forced on the textile industry, which is levied a mandatory tax of Rs 2,400 crore every year.
A spokesman for APTMA said the ministers of textile industry, water and electricity, petroleum and natural resources and finance will also attend the meeting.
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