ISLAMABAD - The government has paid Rs44 billion to the local textile industry under “Prime Minister Exports Enhancement Package” to enhance the country’s exports.

The package was aimed at bridging the gap between local exports and imports by encouraging the export-oriented industry and incentivising the industrial sector for introducing the innovative, modern and cost-cutting technologies, particularly in the textile industry, a senior official in the ministry of textile industry said.

He said that so far, State Bank of Pakistan (SBP) has received 276,000 refund claims under the package and they were processed accordingly. He said the package was introduced in 2016-17 and in first five months, the government had paid an amount of Rs. 5 billion, adding that in the fiscal year 2017-18 the government had cleared the refunds amounting to Rs. 26 billion.

Move aims to bridge gap between exports and imports

He said that in the last seven months, the government had paid Rs. 11 billion in outstanding claims, adding that pending liabilities of Rs. 23 billion would be paid off by the government in next few months.

He said, “We are committed for the execution of PM export enhancement package for development and growth to the textiles sector for increasing country’s export.” He further said the priority of the government is increasing the country’s exports and job opportunities for the people.

He said that the textile sector was also working towards modernizing and improving the skills of textile workers by using modern technology and tools.

The official said that textile sector is back bone of the country’s exports and the government is committed to provide all facilities for increasing the exports in textiles sector.

Published On : 22-04-2019

Source : The Nation