MOC releases Rs6 billion under DLTL schemes: Razak Dawood

muzzamil mehboobWeb Editor

25th Aug, 2021. 12:24 pm
Government releases Rs6 billion under DLTL schemes: Razak Dawood

The Ministry of Commerce (MOC) has released Rs6 billion under duty drawback on local taxes and levies (DLTL), Advisor to Prime Minister on Trade and Investment Abdul Razak said.

“I am glad to share that the Ministry of Commerce (MOC) has released a total of Rs6bn under DLTL schemes,” said Dawood, adding that this includes Rs5.6 billion for the textile sector and Rs400 million for the non-textile sector.

“I hope this will contribute to improving the liquidity issues of our exporters and enable them to enhance Pakistan’s exports,” he said.

Due to increasing deficits and pressure of repaying large amounts of loans to international lenders, it is necessary to increase the exports.

To bring this purpose into action, the government has initiated a ‘Made in Pakistan’ policy. This policy aims to introduce Pakistan’s local and traditional market products in the international market.

Earlier, Dawood expressed that by the last fiscal year of the current government, i.e. 2023, the country’s exports are expected to hit the $50 billion mark.

This mark can be achieved only if the trade sectors and markets follow the policy of trade diversification set by the government.

According to the data from the Pakistan Bureau of Statistics (PBS), during FY 2021, exports increased by 18.3% to $25.3 billion ($21.4 billion last year). Major exported commodities included knitwear, posting growth of 36.6%, Readymade garments; 18.8%, Bed wear; 28.9%, Towel; 31.8%, carpet, rugs & mats; 36.9%, leather manufactured; 18.7%, while Fish and fish preparations posted 1.9% growth.

Meanwhile, the exports for the start of the current fiscal year was $2.3 billion, which increased by 17.3% as compared to $2 billion in July 2020.

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