STAFF REPORT FSD: Pakistans industrial growth has received a major blow in the shape of constant energy crisis as its textile exports have come down $14 billion mark as it remained at $13.84 billion with growth of 3.9 per cent in 2013-14.
In 2012-13, textile exports were $13.06 billion and the exporters were confident to cross the bar of $15 billion this year, but the severe energy shortage, lack of necessary funds, deteriorating economic conditions and negative edge of competitiveness in regional and global markets badly affected the industrial activities, said Sheikh Ilyas Mehmood, Chairman of Pakistan Textile Exporters Association (PTEA).
He termed expressed grave concern at this negative trend in textiles exports and urged to redesign and bring consistency in policies on taxes, ensure availability of energy, bring interest rate down and release the liquidity on drawbacks and refunds as textile sector is the only hope for revival of the economy.
The PTEA chairman urged the government to resolve the crisis as challenges like energy crisis, high interest rate, liquidity crunch, and financial stress is holding this mainstay of national economy back from growing up to full potential.
The government should concentrate on some truly visionary steps and address genuine concerns of the industry with innovation and extraordinary solutions, he asserted.