October 20, 2016Print : Business
ISLAMABAD: The government is mulling Rs200 billion worth of bailout package for the revival and modernisation of textile industry, said Minister for Commerce Khurram Dastgir on Wednesday.
Minister Dastgir told the senate standing committee on textile industry that special package was under consideration for introducing new technology and massive infrastructural modernisation into the textile industry on the direction of Prime Minister Nawaz Sharif.
The meeting was held under the chairmanship of Senator Mohsin Aziz. Dastgir said the government will give special incentives on taxes for the industries to enhance value-addition in the industries.
He said the government is committed to technological revival of the textile industry to help it compete with other regional competitors emerged in last decade. He said a six-member high-level committee, comprising of relevant ministries and stakeholders, has been constituted to review the challenges facing the industry.
“The committee will soon come up with comprehensive recommendations for the revival,” he added. The committee expressed reservations on the performance of Pakistan Central Cotton Committee.
Senator Aziz said the institution is not functional and not playing its role for the industrial development. Dastgir said the government is seeking public-private partnership to enhance the capacity of the institution. The textile committee was also concerned over the decrease of cotton production.
It said quality seeds and fertilisers should be provided to the farmers. The committee said cotton growing areas of south Punjab have switched to other crops, like maize and sugarcane, because of losses in cotton.