The withdrawal of all duties on cotton import has sparked serious concern among cabinet members who argue that the move will have an adverse impact on cotton prices in the domestic market and will discourage growers, many of whom have already abandoned the crop in the face of unattractive returns.
According to the details, In a high-level meeting, they asked the prime minister to delay implementation of the duty withdrawal decision for some time in order to allow the growers to harvest the remaining crop. However, the textile ministry opposed the proposal. The government has recently withdrawn all the duties on cotton import following pressure by the textile millers.
The draft of Textile Policy also spells out its the objectives which include 1) Restoring profitability of cotton farmers by increasing cotton yield, improving quality of cotton and decreasing cost of production for the farmers; 2) Strengthening manmade fiber/filament sector to make this chain internationally competitive and export oriented; 3) Regionally competitive energy pricing fixed for five years; 4) Prompt Sales Tax Refund System; 5) Abolition of Zero- Rating has created serious liquidity crisis for exporting sectors as the current refund system is soaking up market liquidity and is not working; 6) Long Term Financing Facility for the entire textile value chain; 7) Revival of impaired textile capacity and introduction of bankruptcy law. 8) Establishment of Textile clusters and Export Processing Zones with plug and play facilities.
Earlier, Special Assistant to Prime Minister Firdous Ashiq Awan on Tuesday highlighted a revolutionary step of PM Imran Khan for the development of agriculture sector and prosperity of farmers.
In her latest Twitter messages, Firdous Ashiq Awan highlighted revolutionary steps of PM Imran Khan for the development of agriculture sector.
She said, “Urea factories given relief of Rs400 per sack in term of gas prices after making a massive reduction in levy of Rs405 to Rs5 on gas supplies.”