The new cash incentive on export receipts became effective from February 1 instead of the first day of January as announced earlier while some markets and products have been brought back under the facility following pleas from the business community.
The highly promising home textile sector of Bangladesh is losing its lustre in the export market as the lingering gas crisis, the volatile exchange rate and the higher production cost are forcing many factories to go out of business.
Mohammad Ali Khokon, the president of the Bangladesh Textile Mills Association (BTMA), revealed that millers engaged in spinning, dyeing, weaving, finishing, and printing.
Faced with a chronic gas crisis and volatile exchange rates, a number of ailing textile millers are putting their factories up for sale as they are no longer able to contend with losses stemming from dwindling production.
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