Budget Disappoints Textile Industry:
The All Pakistan Textile Mills Association (APTMA) said on Friday that the budget 2017-18 has disappointed the textile industry as the government has not announced implementation of the proposals given by the industry. The textile industry had demanded of the government to provide gas to the system at regionally competitive rate of Rs 400/MMB, remove levy of GIDC and electricity rate for independent feeders and provide it at the rat of Rs 7 KWH and release export refunds.
It has also demanded the payment of remaining amount of Rs 180 billion as per the Prime Minister’s Export Led Growth Package according to which the government has to pay Rs 10 billion per month whereas only Rs 2 billion has been released so far during the last four months. Chairman APTMA Punjab Syed Ali Ahsan, former chairman APTMA Gohar Ejaz and Ali Pervez Malik said this while addressing the press conference after announcement of the proposed budget.
Syed Ali Ahsan said this seemed an election budget. He said the government is not serious in increasing the GDP growth rate as it has not given any incentives to the industry without which their dream of economic growth could not be materialized. Former chairman APTMA Gohar Ejaz appreciated the resolve of the government and hoped that the industry will get incentives including uninterrupted power supply. He said affordability but not availability of power is the real issue.
He said hopefully the government will release sales tax refunds of the industry by August 2017 as announced by Federal Minister Ishaq Dar in the budget speech. He was optimistic that the government will release tax refunds in 90 days. APTMA leader Ali Pervez Malik suggested that the government should have focused on solving the issues of current account deficit and trade deficit otherwise it is feared it has to go for another IMF program The government should ensure zero rating of all inputs in true spirit including packaging materials, spare parts and fuel and energy,