Due to the fact that the government has not fulfilled its promise to offer incentives to the industrialists, All Pakistan Textile Mills Association (APTMA) has decided to shut all mills next week in protest.
APTMA’s Chairman, Aamir Fiaz, said during a press conference that the trade deficit has hit its highest mark in the country’s history because of the poor policies drafted by the government and constant surge in production cost. During the press conference, other members of APTMA were also present.
Aamir Fiaz said that Prime Minister Nawaz Sharif is not fulfilling his promises to the association. He said that the volume of export was more than $25 billion in FY13 when the existing government took charge, which now stands at $20 billion. Fiaz said that the prime minister promised to allocate approximately PKR 180 billion in the budget, however, Finance Minister Ishaq Dar has allocated only PKR 4 billion in the budget for fiscal year FY17-18. He also said that industrialists have been continuously asked to increase exports, which would not be possible without the incentives that were promised.
He said that it was mentioned in the preceding year that the trade deficit would cross $30 billion, but the government did nothing to improve the situation. He stressed that progress cannot be made without increasing exports.
The chairman of APTMA has insisted that the government should follow the policy that it had announced. It is pertinent to note that approximately PKR 200 billion of export industry have been held by the government, and the industry will not run until they are paid. Finance Minister, Ishaq Dar, like every year, promised to payback the funds, but no funds have been allocated as of yet.
The war between the government and textile millers is not new. In any case, we’ll keep track on the story to keep our readers updated.