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Friday, March 29, 2024

180B Package for textile sector in new budget-Pakistan

In the recently announced budget, the Government of Pakistan has announced a package of Rs. 180B with an aim to boost exports. While announcing the package the PM Mr. Nawaz Shareef said that relaxation will be provided on customs duty and sales tax on import of all kinds of textile machinery and cotton. He also said that the agriculture needs further development for the progress of the country.

While addressing the matter, the Minister for Finance, Mr. Muhammad Ishaq Dar said that the Rs 180 billion package announced by the government for the textile sector would help boost textile exports. While addressing the conference he said that the Gov. of Pakistan has given relaxation on the import of textile machinery for modernization and enhancing the capacity of the textile sector. “The government had decided to give drawback on duties on garments by 7%, process fabric 6 per cent, sports goods 7%, carpet 6 per cent, tents 5%, and leather goods 5 per cent for coming 18 months” he added.

This is a huge package, announced ever, in the history of Pakistan, and will definitely boost exports. According to Mr. Dar, the government wants to decrease the cost of business in order to boost business activities. He said for modernizing and stability of cotton price, a system of hedge trading for the domestic cotton would be initiated.

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