Pakistan Yarn Merchants Association (PYMA) Central Chairman M Akram Pasha, Vice Chairman Adnan Zahid Butt have hailed the exemption of textile industry from electricity loadshedding and have demanding similar exemption from gas loadshedding.
Talking to media persons here on Monday, they said Finance Minister Ishaaq Dar's announcement of exemption of textile industry from electricity loadshedding was a timely step and in the right direction. The industry and yarn dealers welcomed this positive action. Elaborating, they said that electricity and gas both are sine qua non of industry as the electricity runs the power looms machines to manufacture cloths and gas is required as essential input for bleaching, dyeing, printing and processing of this cloth and ultimate export. Similarly, hosiery and garment sectors also need power and gas both for manufacturing, processing, finishing and export of these products, they said. This will not only help the industry to revive and increase its productivity but also help maintain the worker's job as well as boost the exports of textile of the country.
They pointed out that during the first three months of the current fiscal the exports have registered a decline of 5.25 percent which is persisting in the months of October and November and added that according to estimates there has been a short fall of dollar 1.2 billion till now in exports of textiles. There was a dire need of stemming this decline. They appreciated the finance minister for taking cognisance of matter. This exemption and continuous supply of energy will enable the industry to achieve export target ultimately contributing to world's progress and strengthened of industry, trade, business and national economy, they concluded.
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