Development Finance Support Unit of SBP Banking Services Corporation is conducting different cluster group studies including powerlooms industry keeping in view to increase financial outreach, said Chief Manger, State Bank of Pakistan, Dr Muhammad Saleem.
Addressing representative of the powerlooms sector, he said that SBP in an effort to form an inclusive financial system in the country is focusing to formulate policies aimed at ensuring availability of equitable financial resources to all sectors of the economy, particularly under banked areas, to foster sustainable economic growth and prosperity in the country.
In order to increase financial outreach, Development Finance Support Unit, Faisalabad took many steps like focus group meeting, Melas, seminars, training programme. Beside these steps, DFSU is also conducting different cluster group studies, he added. Dr Saleem said that the primary objective of these studies is to explore the cluster and have detailed understanding of the local economy, currently, DFSU is conducing a study on the Powerlooms Industry Faisalabad.
Dr Saleem pointed out that textile industry is the backbone of the economy, it has been playing a significant role in providing employment and raising the standard of living of the people. Its contribution in the overall exports is very large Faisalabad District is recognised for its textile products in whole of the world. The powerlooms sector is most important sub-sector of textile industry. The purpose of the said study is to explore the cluster size, export potential, key policy and regulatory hurdles, issues and challenges faced, existing and potential demand for financial services etc and key impediments in improving the access to finance, he explained.
Dr Saleem urged the leaders of powerlooms industry and concerned stake holders should come forward at grassroots level and have has direct interaction with ailing SME entrepreneurs to have deep and true insight of the problems faced by the people who are operating all over the country.
During the meeting, Rana Ikhlaq Ahmad, Chairman, Chaudhry Abdul Haq former Chairman, All Pakistan Cotton Powerlooms Association (APCPA) raised the main problems and issues for Powerlooms Cluster Study in a brain storming session. They pointed out that no designing and colour combination techniques are known to the cluster artisans and quality control mechanism.
High price of cotton yarn and working capital shortage are other problems, they added. The leaders of powerlooms sector pointed out that the obsolete technology in term of machinery is also yielding negative impact over all the cloth production, which is hurting quality production as well as export quality.
Commenting over the "Lack of Cluster Cohesiveness, they pointed out that no long-term vision or policy, no tie-up with well known global companies (Registered vender of well known companies), Lack of co-ordination with support agencies at federal and provincial level. Chaudhry Waheed Khaliq Ramey, Chairman, Council of Looms Owner Faisalabad, Tariq Majeed, Zafar Mehrij and Ahmad Ali Bhatti Executive Officer TADP also participated the meeting.
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