Chairman of All Pakistan Bedsheet & Upholstery Manufacturers Association (APBUMA) Khawaja Muhammad Jalal-uddin Roomi has suggested to reduce the mark-up rate to single digit, as high mark-up rate was stalling industry growth and said that government should organise a meeting of the leading businessmen, associations and other stakeholders on ideal mark up regime as early as possible.
Talking to newsmen here on Thursday Roomi said though there was strong pressure from the IMF and the World Bank to control inflationary pressure by tight monetary policy that was hurting industrial growth in Pakistan yet government should keep in its mind the ground realities and it should not yield to pressure.
He also opposed the conditionalities of both the international lending agencies which were pressurising the government to withdraw the Export Refinance Facility, as it was a subsidy adding inflationary pressure on Pakistan economy. Roomi said that a national conference of business community, representative organisation like APBUMA, PTA, PASFGEA, PBEA, PCMEA, PCDMA, PCETA ,PCFA, PCGA, FPCCI, chambers, PRMG would give a message to the international lending agencies that high mark up rate and withdrawal of Export Refinance would play havoc with industry's future in Pakistan.
He said the industry was almost bleeding due to high cost of money and banks were shying of extending credit lines by and large. Khawaja Jalaluddin Roomi also urged upon the government to develop a consensus on equitable distribution of energy sources in the country for industrial growth. Further, he said, he was in favour of developing consensus on all issues including Kala Bagh Dam in the country and hoped that the business community may develop this consensus by active participation to the process.
He said the industry was upgraded on priority list for energy availability and there was a need of businessmen lobbyists to ensure fair implementation of this priority list. He said that it is undeniable fact that textile industry in Punjab was passing through enormous pressure and heavy closures may take place if not timely availability of gas is ensured by the government.