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New modified and simplified textile policy to be announced soon

Related Keywords: bring down cost of production, focus of export and domestic markets, generate employment, increase production, interest subvention, introduce more value added products, labour wages, new modified and simplified textile policy, penetrate into newer markets, productivity of textile sector, Rashmi Verma, relaxation in labour laws, tax incentives

The government to soon announce a new modified and simplified textile policy that aims at increasing the production and productivity of textile sector, generating more employment, bringing down the cost of production, penetrating into newer markets, and introducing more value added products and focusing both on exports and domestic markets , said Textiles Secretary Rashmi Verma.

MP textile mills hit hard by high cost of production, drop in exports

Related Keywords: AEPC, composite mills, drop in exports, due to higher cotton prices, facing high rise in cost of production, from top buyer China, labour wages, Madhya Pradesh textile mills, Madhya Pradesh Textile Mills Association, making uncompetitive in global market, power tariff, sluggish European economy, spinning mills, squeezing margins

Madhya Pradesh has about 45 textile mills of which 35 are spinning mills and 10 are composite mills are facing high rise in cost of production by about 10-15 percent due to higher cotton prices, power tariff and labour wages followed by drop in exports due to subdued demand from the top buyer China and sluggish European economy, all this squeezing margins of textile mills and making them uncompetitive in the global market.

Aptma qualms 50pc closure of textile industry if any change in RRR

Related Keywords: across value chain, APTMA, closure of textile industry, energy constraint, fails to release refund, Federal Board of Revenue, government alters Reduced Rate Regime, high cost of doing business, high cost of finance, impose sales tax, labour wages, on all inputs and utilities, textile industry of Pakistan

Chairman All Pakistan Textile Mills Association (APTMA) S M Tanveer expressing concern over the critical situation the textile industry of Pakistan is going through due to high cost of doing business, energy constraints, high cost of finance and labour wages as against the regional competitors. Moreover, if the government alters the Reduced Rate Regime (RRR), fails to release stuck up refunds and does not ensure liquidity supply from banks to the textile industry immediately, it may end up with 50% closure of the textile industry.

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