AGL 38.09 Decreased By ▼ -0.07 (-0.18%)
AIRLINK 136.34 Increased By ▲ 2.15 (1.6%)
BOP 9.20 Increased By ▲ 0.35 (3.95%)
CNERGY 4.72 Increased By ▲ 0.03 (0.64%)
DCL 8.85 Increased By ▲ 0.18 (2.08%)
DFML 38.34 Decreased By ▼ -1.44 (-3.62%)
DGKC 85.45 Increased By ▲ 0.30 (0.35%)
FCCL 35.15 Increased By ▲ 0.25 (0.72%)
FFBL 76.21 Increased By ▲ 0.61 (0.81%)
FFL 12.66 Decreased By ▼ -0.08 (-0.63%)
HUBC 108.70 Decreased By ▼ -0.75 (-0.69%)
HUMNL 14.73 Increased By ▲ 0.63 (4.47%)
KEL 5.58 Increased By ▲ 0.18 (3.33%)
KOSM 7.96 Increased By ▲ 0.21 (2.71%)
MLCF 40.78 Decreased By ▼ -0.59 (-1.43%)
NBP 70.94 Increased By ▲ 1.24 (1.78%)
OGDC 195.25 Increased By ▲ 1.63 (0.84%)
PAEL 26.96 Increased By ▲ 0.75 (2.86%)
PIBTL 7.46 Increased By ▲ 0.04 (0.54%)
PPL 168.02 Increased By ▲ 4.17 (2.55%)
PRL 26.19 Decreased By ▼ -0.17 (-0.64%)
PTC 20.34 Increased By ▲ 0.87 (4.47%)
SEARL 92.75 Increased By ▲ 8.35 (9.89%)
TELE 7.84 Decreased By ▼ -0.15 (-1.88%)
TOMCL 35.49 Increased By ▲ 1.44 (4.23%)
TPLP 8.91 Increased By ▲ 0.19 (2.18%)
TREET 17.29 Increased By ▲ 0.11 (0.64%)
TRG 59.27 Decreased By ▼ -1.73 (-2.84%)
UNITY 31.02 Increased By ▲ 2.06 (7.11%)
WTL 1.37 No Change ▼ 0.00 (0%)
BR100 10,901 Increased By 125.5 (1.16%)
BR30 32,654 Increased By 420 (1.3%)
KSE100 101,357 Increased By 1274.6 (1.27%)
KSE30 31,488 Increased By 295 (0.95%)

All Pakistan Textile Mills Association (APTMA) strongly rejects demand of the Senate Committee on National Food Security and Research to immediately stop the import of cotton lint from India. Tariq Saud Chairman, APTMA said that the observation of the committee that "the country's agriculture economy would be ruined if the import of 0.5 million bales of cotton from India was not stopped as there is sufficient stock of cotton lint available with the Trading Corporation of Pakistan," is baseless.
He said that TCP officials has confirmed in the meeting held on 28th April 2016 under the Chairmanship of Secretary Commerce that only 75,900 bales of 2014-15 season balance stock available with TCP. The Chairman APTMA urged the Senate Committee that instead of suggesting any ban on cotton imports it should take up the matter of crop failure and concentrate on ways to prevent such failures from occurring again. He said the local industry would prefer to use Pakistani cotton over any other imported growths provided sufficient cotton is made available for the industry to run at full capacity.
"At the moment, the requirement of the industry is 16 million bales whereas the local cotton production was less than 10 million bales", he added. He raised the question that if cotton import will be banned who is going to fill the gap between 16 million bales requirement and 10 million bales availability. The Chairman APTMA said that the current year cotton crop as compared to the crop size of 2014-15 is already short by 34.32 percent or 5.103 million bales, therefore putting restriction on import of 0.5 million bales of lint cotton from India through Wagah border will not only add the problem of shortage of raw materials of spinning industry but would also compel a number of spinning units to close the production resulting in increase in unemployment and law and order situation.
Tariq further said that the industry pays about 800 million rupees in the form of cotton cess which is meant for cotton research even though we are facing shortage of cotton in the country and about 25 percent of cotton consumption requirement is met by import. It is the duty of our cotton scientists in Pakistan Central Cotton Committee to introduce new varieties of cotton seeds to obtain maximum yield so that our consumption requirement is met by the local cotton, he added. He demanded the government to remove 3 percent custom duty and 5 percent sales tax on import of cotton and introduce high rate of duty and taxes on import of yarns and fabrics of cotton and synthetic fibers to save the domestic industry producing the above goods.

Copyright Business Recorder, 2016

Comments

Comments are closed.