ISLAMABAD : The federal government is all set to announce the Textile Policy 2020-25 during the current week.
The export target has been fixed at $20 billion in the new Textile Policy, which has been finalised after consultation with all the stakeholders.
Under the proposed textile policy, the electricity tariff will be at US 7.5 cents per unit while duties at the gas, water, and others will be reduced to boost the sector, said the well-informed sources within the textile ministry. The proposed policy will help in boosting employment opportunities for millions of people. Meanwhile, the All Pakistan Textile Mills Association has welcomed the proposed Textile Policy of the federal government and pinned hope that this will put the economy on track. It is to be noted that Prime Minister Imran Khan has approved the Textile Policy 2020-25 last week. Recently, Prime Minister Khan directed the authorities concerned to resolve the problems facing the textile industry in Faisalabad at the earliest.
A day earlier, Punjab Minister for Industry and Commerce Mian Aslam Iqbal said that the textile sector is an important sector of the national economy and problems of this sector will be resolved on priority basis. Mian Aslam Iqbal said this on Monday while talking to a delegation of All Pakistan Textile Mills Association (APTMA), which led by its Chairman Adil Bashir called on him. He said that huge export orders have come in the textile sector and the government cannot afford to close the factory even for a day. He said that the country is facing another severe wave of coronavirus and corona cases have been on the rise. He said that government guidelines should be fully implemented to keep the wheel of the industry running smoothly. The provincial minister said, “We have to save the people from both hunger and disease. The government has given relief of Rs56 billion in taxes for the promotion of commercial activities.” The government’s energy support package will also help industries. “In the current situation of coronavirus, we have to provide facilities to the industrialists to keep the wheel of the industry running. I am always present to solve the problems faced by the textile sector.”