The textile industry is expecting the announcement of a revival package from the government sooner than later which was delayed because of the absence of prime minister from the country. "We are hoping for a revival package in a day or so, as the prime minister is back from the UN," said one industrialist on Thursday.
He said the PM had held meeting with a textile industry delegation during his last visit to Karachi where he had issued certain directions to the concerned ministries in order to uphold the dwindling textile exports. The textile industry delegation had apprised the PM about the issues confronting its growth. It was followed by constitution of a committee by the PM to work out the remedial measures to reduce the cost of doing business and restore export competitiveness.
The PM had also directed the finance minister to withdraw all levies on import of five million bales of cotton. "Negotiations have almost been finalised and this package can be announced anytime from now onwards," he added. It may be noted that the government is likely to announce a rebate of six percent in the shape of Drawback of Local Taxes and Levy (DLTL), Long-Term Financing (LTF) facility on the import of machinery for five export-oriented sectors and sales tax refund of packing material for zero-rated sectors.
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