Related Keywords: aimed at reviving struggling textile industry, announced package of incentives, cushion the declining exports, customs duty, import of cotton abolished, Prime Minister Nawaz Sharif, Sales tax, sales tax on imports of textile machinery scrapped, take some time favourable impact started reflecting
Prime Minister Nawaz Sharif announced a package of incentives worth 180 billion rupees ($1.72 billion) after a meeting with top exporters on Tuesday aimed at reviving the struggling textile industry. However, it would take some time like four to six months before the favourable impact started reflecting in the country’s exports.
Textiles make up more than half of Pakistan's exports, but it has lost ground to South Asian neighbours in recent years, hurt by chronic energy shortages and underinvestment in machinery.
