Pakistan Power Loom Sector On Verge Of Closure

Pakistan Power Loom Sector On Verge Of Closure
The powerloom sector in Pakistan is undergoing serious crisis and is on the verge of closure, members of the All Pakistan Cotton Power looms Association (APCPA) said. Due to the government’s ineffective policies and the country’s declining cloth exports, about 50 per cent of the factories have already shut down and the rest may close down soon.
Chairman of APCPA Choudhry Abdul Haq said that special rebate should be given to the powerloom industry in order to help them control their financial crisis and improve exports. This industry is currently bearing several direct and indirect taxes along with additional sales tax at multiple stages through petroleum products and electricity bills, according to Pakistani media reports.
Importing shafoon, silk products and cloth from India is also causing a negative impact over Pakistan’s exports, said Abdul Haq. This situation is causing unemployment and stopping investment in the sector, thus adding to its woes.
Abdul Haq demanded immediate measures to address the problems of the sectors that could cause thousands of workers to lose their jobs. (KD)