All Pakistan Textile Mills Association (APTMA) on Wednesday rejected the proposed Federal Budget 2017-18. The government is not serious in implementing Rs 180 billion Prime Minister's export led growth package as up till now only Rs 1 billion has been released by State Bank of Pakistan out of total announced package of Rs 180 billion. The government has allocated Rs 4 billion in next year which shows lack of seriousness on part of government in increasing the export of the country. Chairman APTMA, Aamir Fayyaz, was addressing the press conference along with senior APTMA leaders Gohar Ejaz and Ali Pervez Malik.
Aamir said that due to the wrong policies of government our merchandise trade deficit has reached USD 31 billion which is highest in the history of Pakistan. He also said that our exports declined by USD 5 billion. He said our exports were USD 25 billion in 2013 which has come down to 20 billion dollars in 2017. He also said that circular debt has reached at Rs 400 billion. Aamir said that cost of doing business has increased despite considerable decrease in oil prices in the international market the price of electricity has doubled. He said they were getting electricity at Rs 6.76 Kwh where as in 2017 electricity stands at Rs 11.30 Kwh. He said that the price of oil was USD 103 dollars per barrel in 2013 and in 2017 the price of oil is nearly half and has come down to USD 58 per barrel.
Aamir said that government has imposed duty on the import of cotton in order to please the farmers of the cotton growing areas. He also said that government is bridging the gap of trade deficit by borrowing from local and international banks. He said that finance minister Ishaq Dar in his budget speech said that export of the country was on the decline due to international financial crunch which was totally wrong. He also said if it was so then how the export of Bangladesh would reach at USD 30 billion. He said that association is ready to talk with the government for the solution of their issues.