Budget upsets textile exporters for not including zero rated regime thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
LAHORE: The Pakistan Hosiery Manufacturers and Exporters Association has lauded the Federal Board of Revenue for simplifying the export promotion schemes by developing a single unified scheme, and.
The textile industry has termed it unfortunate that no concrete policy to enhance cotton production has been announced by the government while the price of cotton has soared to an 11-year high of Rs12,000 per maund.
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Pic: Shutterstock Pakistan Hosiery Manufacturers and Exporters Association (PHMA) zonal chairman Faisal Mehboob Sheikh recently lamented that the previous Textile Policy has failed to achieve its targets, including enhancing exports from $13 billion to $26 billion, doubling value-addition from $1 billion per million cotton bales to $2 billion and creation of 3 million jobs in five years. Sheikh said ad-hoc policies cannot benefit the country’s exports and the time has come to implement the long-term textile policy in letter and spirit. “It’s good news that after the expiry of last Textile Policy, the government has come up with a new policy, comprising new targets, incentives and recommendations while all stakeholders were also taken on board before the finalization of the new policy, which is a good sign for the economy and industry,” he was quoted as saying by Pakistani media reports.