PTC chief warns of looming economic challenges

KARACHI: Chairperson of the Pakistan Textile Council (PTC) Fawad Anwar has expressed grave concerns over the country’s economic performance in the first quarter of FY2024-25. According to official data, the country posted a modest growth rate of 0.92 per cent, while the industrial sector contracted by 1.03 per cent during the same period.

Anwar underscored the mounting challenges faced by the industrial sector, citing the high cost of energy as a primary factor behind the contraction. “The textile sector, along with other industries, is struggling to stay competitive due to escalating energy prices, which significantly increase production costs and erode our global market competitiveness,” he added.

He stressed the urgent need for policy reforms to address these structural issues. “The government must take immediate steps to ensure the availability of affordable and reliable energy for the industrial sector. Without such measures, the contraction in the industrial sector will likely persist, worsening unemployment and reducing export revenues,” he warned.

Reaffirming the PTC’s dedication to supporting the sector, Anwar called for a collaborative approach. “We are ready to engage with stakeholders to develop a roadmap for economic recovery and sustained growth,” he concluded.