The government has provided Rs 42 billion to local textile industry under Prime Minister Exports Enhancement Package for enhancing the textile exports.
The initiative was aimed at to bridge the gap between local exports and imports by encouraging the export oriented industry and incentivizing the industrial sector for introducing the innovative, modern and cost cutting technologies, particularly in the textile industry, said a senior official in the ministry of and textile industry.
He said so far State Bank of Pakistan has received the 2 75,000 refund claims under the package and it was 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 fiscal year 2017-18 the government had cleared the refunds amounting Rs 26 billion. He said in last seven months, the government had paid Rs 11 billion in terms of outstanding claims, adding that pending liabilities of Rs. 23 billion would pay off by the government in coming 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 priority of the government was increasing the country’s exports and job opportunities for the people. He said textile sector was also working for modernizing to improve the skills of textiles worker through using modern technology and tools.