The continuous decline in exports is alarming and the trend is likely to continue in unless the crisis in the industrial sector is addressed, said Pakistan Textile Exporters Association (PTEA) Chairman Asghar Ali.
Ali pointed out that exports dropped by 9.55% in March, stressing that the government had been warned, but to no avail. “Textile exporters had forewarned the government about the crisis but no steps were taken to rectify the situation; as a result, exports are continuously declining.”
He said it had become a herculean task to achieve the target of doubling exports.
“Over 30% of the working capital has been stuck up in sales tax, customs rebate and income tax refund regime. Consequently, around 30% capacity across the textile value chain has duly been closed,” he added.
Ali said the drop in exports has serious consequences for the economy but the government did not seem keen on addressing the issue.
Published in The Express Tribune, April 14th, 2016.
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