Farrukh Habib, Minister of State for Information and Broadcasting, said that despite Covid-19, global high inflation, and other economic challenges, Pakistan has a sustainable growth rate of 5.37%. The minister said exports, tax collection, and agricultural produce showed upward trends in a tweet. He said that in the first half of the fiscal year, IT exports increased by 35.8%, FBR tax recovery by 32.4%, whereas State Bank of Pakistan reserves by 31.8%. Textile exports, he said, increased by 26%, services exports by 20.4%, and remittances increased by 13.3%.
The textile export industry of Pakistan has entered the phase of sustainable growth, and business people from the sector are aiming to fetch over $21 billion in the fiscal year 2021-22; however, few hurdles have slowed down the pace of expansion, and they might restrain the segment from achieving its goal.
Sohail Pasha, Chairman Pakistan Textile Exporters Association (PTEA), said that exports of Pakistan experienced rapid recovery following the elimination of Covid-related restrictions. He also added that our outbound shipments surged faster than those of our regional competitors, including Bangladesh and India, and the textile exports surged 26% year-on-year to $9.38 billion in the first half of the fiscal year 2021-22.
Therefore, Pakistan’s economy shows promising results despite the pandemic and is currently on the right track. The role of the textile is important and promising. With the right policies implemented, the sector can do wonders for the country.
