Govt approves policy to boost capacity of textile industry

The government has approved a textile policy to boost the capacity of the industry for sustainable growth in textile exports.

Addressing a news conference in Islamabad on Wednesday, Adviser on Commerce Razak Dawood said the policy was approved by the federal cabinet at its meeting yesterday.

He said one of the main objectives of the policy was to give internationally competitive gas and electricity tariffs to the textile industry. according to Radio Pakistan.

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Dawood said the government had reduced duties on the import of raw material in the budget, and this tariff rationalization had been maintained in the policy. Similarly, he said, we would continue to provide financing facilities to the textile industry.

The adviser said that phenomenal growth was currently being witnessed in the textile sector. He said the textile exports were expected to touch $21billion by the end of this fiscal year, as compared to the $15billion last year. He said this was a 26% growth in the textile sector.

Dawood also emphasized greater value addition and diversification of products to tap the country’s potential in textiles.