Lamenting on the State Bank of Pakistan report that NPLs had recorded an abnormal surge by 24 percent from Rs 494 billion to Rs 629 billion only in one year, M. Jawed Bilwani, Chairman, Pakistan Apparel Forum, has serious apprehensions that this would prove a death knell for the textile industry.
He said that with the continued and frequent load shedding of electricity and severe shortage of gas, high tariff of electricity, gas and now of water, high interest rates and several other adverse factors are now leading to disaster of the industries. Large numbers of export-oriented industries, which are contributing 50 percent of the nation's export, are rapidly closing down as a result of which our exports are greatly suffering.
He appealed the government to investigate and find out how many NPLs are involved and take serious and urgent steps on Top Priority to resolve power shortage, high tariff of utilities and high interest rates otherwise not only many banks would have to close down but also the textile industry employing the largest number of labour would be ruined leading to chaos and disaster.-PR
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