Federal government Rs 200 billion bailout package for revival of textile sector

Federal government Rs 200 billion bailout package for revival of textile sector

ISLAMABAD (APP): Minister for Commerce, Engineer Khurram Dastgir on Wednesday said the government has proposed Rs.200 billion bailout package for revival and modernization of Textile industry in the country.

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While informing the Senate Standing Committee on Textile Industry here, he said that on the direction of Prime Minister, Muhammad Nawaz Sharif, special package was under consideration for introducing new technology and massive infrastructural modernization of the textile industry.

The Senate Standing Committee on Textile Industry meeting was held under the chairmanship of Senator Mohsin Aziz here in Ministry of Textile Industry.

The Minister for Commerce said that the government would give special incentives on taxes for the industries to enhance value addition in the industries.

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He said that the government is committed for technological revival of textile sector and would compete with other regional competitors emerged in last decade.

In six members high level committee including relevant ministries and stakeholder was constituted to review the challenges facing by textile industry.

He added that the committee has soon come up with comprehensive recommendation for the revival of textile industry.

On the occasion, the Committee gave strong reservation over performance of Pakistan Central Cotton Committee (PCCC).

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Chairman, Committee said the institution is not functional and playing their role for development of the textile sector.

Khurram Dastgir said that the government was looking into Public Private Partnership for better solution and enhancing the capacity of the institution, which are not functioning.

In the meeting, the committee had reservation on decrease of cotton production and urged the need to provide quality seeds and fertilizers to the farmers.

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The committee informed that cotton growing areas of South Punjab have switched to other crops like Maize and Sugarcane, because of losses in cotton.

Senator Saleem Mandviwala, Khushbakt Shujat, Naseen Jalil and other official of Ministry of Textile and provincial department attended the meeting.