The business community of theSouthern Punjab has hailed the proposed package of Rs 170 billion for exporters with a major share for textie sector as hinted by Federal Minister for Commerce which is to be announced by Prime Minister Mian Nawaz Sharif aimed at reversing the declining trend in exports. This package was finalised in the light of recommendations of Commerce Minister Engineer Khurram Dastgir Khan and Chairman BoI Dr Miftah Ismail during at least four high-level meetings held in Islamabad, Karachi and Lahore.
President of Multan Chamber of Commerce & Industry (MCCI) Khawaja Jalaluddin Roomi expressed hope that the package would be announced within a week or so to encourage exporters who are struggling due to international slump in commodities prices and incentive packages given by neighbouring competing countries like India, Bangladesh and Vietnam to their exporters.
This time Prime Minister is in the mood to give an attractive package to the exporters. It is learnt that keeping in view the hardships of textile sector, the government is expected to announce 3 percent rebate to yarn/grey fabric, 4 percent to processed fabrics, 6 percent for home textile/knitwear and 8 percent for garments sector.
The sources revealed that the proposed rebate for raw and semi-raw exports would be around 4 per cent and value-added sectors at 8 percent, respectively. "Removal of import duty and sales tax on industrial machinery is also on the cards," the sources said, adding that duty drawback, bond and export refinance schemes will be simplified to facilitate SME exporters. The sources said, government is also expected to remove moratorium on industrial gas connections on RLNG and increase gas load for the industry.