All Pakistan Textile Mills Association (APTMA) Chairman S M Tanveer has urged the government to devalue the Pakistani rupee by 15 percent or drop innovative taxes, surcharge and gas infrastructure development cess from the textile industry. In a press conference on Tuesday, which also drew in Punjab Chapter Chairman Sheikh Muhammad Akbar at the association's Punjab House, Chairman Tanveer said.
"The association has deferred its nation-wide strike for a month following a request made by Federal Finance Minister Ishaq Dar. "The association has so far held three important meetings with the government." He also said he was holding the conference to let the media know about the weekly progress on the parleys with the government and that his association was satisfied with developments.
"The association is unable to pay Rs 72 billion surcharge on electricity bills and the Rs 38 billion Gas Infrastructure Development Cess," he added. He said the latest exports data suggests that the overall exports of Pakistan have declined by 17 percent in value terms during the month of July 2015 against the corresponding period. "Textile industry exports are a major component of the country's exports and it was likely to be dropped by $4 billion in case no immediate step is taken to redress the situation," he maintained.
He said the situation of the textile industry is getting worst from bad and the government is needed to save it from total collapse. "Already 30 percent of the production capacity has been cut down while fifty percent of the power looms sector is in acute trouble," he pointed out. He then appealed to Prime Minister Nawaz Sharif, Chief Minister Shahbaz Sharif and Minister Ishaq Dar to act immediately and save the textile industry from a total collapse.
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