For the first time in a decade, textile industry reports profit
The industry has an equity fund of $1 billion, which can be raised to $4 billion in the upcoming four years alone.
After consistently suffering loss for about a decade, Pakistan’s once-growing textile industry has reported a profit. The progress in the sector has lit some hope for the industrialists.
Due to Prime Minister Imran Khan’s specific focus towards the sector, the future looks promising. The government has provided regionally competitive energy tariffs. According to a statement from APTMA (All Pakistan Textile Mills Association), the efforts have started to bear fruit and the industry has recorded profit after ten years of constantly declining.
Pakistan’s textile industry has recorded a profit of 26 percent in quantitative terms, but the amount cannot be translated into dollar equivalent as the textile price has significantly declined across the globe.
According to the reports and records available, the companies earned a profit of over 5 percent. The textile companies have posted a $16 billion turnover, out of that, $13.3 billion was sent in exports and $2.8 billion worth was sold in the domestic market.
Rs. 40 billion contributions to Pakistan’s total income tax:
Not only this, but the industry has also contributed Rs. 40 billion to Pakistan’s total income tax collection. With the income tax, it has also contributed Rs. 35 billion in the form of indirect taxes and levies. The textile industry is one of the sectors with the most potential in the country. It is also among the largest employers – providing jobs to 10 million workers.
Due to PM Khan’s progressive policies for the textile industry and the formation of the special task force, the industry is set to double in the next four years. The industry has an equity fund of $1 billion, which can be raised to $4 billion in the upcoming four years alone.
APTMA showed gratitude towards Prime Minister and the incumbent government for their new roadmap for the industry, which shows a bright future.
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