The textiles industry will grow to USD 350 billion by 2030 generating crores of jobs in the process Union Minister of Textiles, the Union Minister of Textiles Giriraj Singh, said on Friday. While addressing a press conference on 100 Days Achievements of the Ministry in New Delhi, Singh noted that the 100-day achievements lay the foundation for achieving the set targets by 2030 and focus on all aspects of the value chain of the textiles sector, the Ministry of Textiles said in a statement. On PM MITRA (Pradhan Mantri Mega Integrated Textile Region and Apparel) Park, the Union Minister said that a total of Rs. 70,000 crore of investment is expected, resulting in the creation of 21 lakh jobs. He further added that there is huge potential for technical textiles in the country as it is used in all sectors and set an export target of USD 10 billion by 2030. Singh said that 1 crore artisans are connected with the handloom and handicraft sector, and the Ministry is undertaking various initiatives to give a boost to this sector. He said that Bharat Tex is a huge platform that will help India attract foreign investment in the textile sector and will help India achieve 4S--style, scale, skill, and sustainability. Setting a target of 50,000 metric tonnes of production in the long run, the Union Minister said that cultivation of silk is linked to huge employment generation as around 1 crore people are connected with the sector. He also said that VisioNxt, the Indigenous trend forecasting initiative, will fulfill the fashion aspirations of the people of this country. He said that the Eri Sericulture Promotional Project launched in Gujarat will be expanded across the country, benefiting castor farmers. The Ministry of Textiles added in the statement that it has taken several initiatives during the first 100 days of this Government, covering all segments of the textile sector (Infrastructure, Technical Textiles, Research and Development, Startups, Empowering artisans/weavers, Strengthening natural fiber sectors like Silk & Jute), focusing on strengthening the sector's contribution to growth and enhancing India's position in the global textile industry. According to Invest India, the textile and apparel industry in India was valued at around USD 165 billion in 2022, with USD 125 billion coming from the domestic market and USD 40 billion from exports.
Source: Zee News
With most states not keen to let go of revenues, the Goods and Services tax (GST) compensation cess will likely be retained beyond January 2026, by when the compensation-related loans and interest would likely be fully repaid, sources said. However, the cess would be “re-branded” with a newly defined end use. Under the Constitution, a cess can be levied for specified purposes only, and the proceeds from such imposts should be credited to a designated fund. According to an estimate, roughly Rs 20,000 crore would be collected via the GST compensation cess in a status-quo scenario by February 2026. The cess receipts were Rs 12,068 crore for August 2024. “Cess will remain beyond January 2026 but not as ‘compensation cess’…it will be renamed,” an official said, adding that the final decision would of course be that of the GST Council. The compensation cess can’t be merged into the highest GST slab of 28% slab, as it could create more slabs whereas the intention is to reduce the existing four slabs, the official added. Also, it is reckoned that the tax increase by merging cess with GST rate on these items would not be positively viewed, while the continuation of the cess is more likely to be tolerated by the taxpayers who are wont to it. Also, the sources explained, since the merged tax rate in many of the demerit items would exceed 40%, the GST Act would need to be amended as the current provisions limit the maximum GST rate at 40% (CGST and SGST 20% each). The renamed cess will likely be appropriated between the Centre and state on the lines of Integrated GST (IGST). IGST is collected by the Centre on inter-state transactions and distributed evenly between the Central and the destination or consuming state. On September 9, the GST Council decided to set up a ministerial panel headed by Minister of State for Finance Pankaj Chaudhary to give recommendations on the future of the compensation cess. The ministerial panel would also work on the way forward on “continuity” and the manner of sharing revenues from the cess beyond compensation and loan repayment periods. “The states have limited fiscal space. So, they are not keen to let go of the revenues of cess as many of them had demanded an extension of the compensation period,” the second official said. Many other states, including Punjab, Tamil Nadu, West Bengal, Kerala and Chattisgarh had written to the Centre demanding that the compensation period be extended by 2-5 years to bolster the states’ finances. Currently, there are four major GST slabs – 5%, 12%, 18% and 28%. A clutch of 46 demerit and luxury goods in the 28% bracket also attract cesses, the proceeds of which go to a separate fund meant to compensate states for the revenue shortfall for the first five years up to June 2022. Thereafter, the cess funds are kept to repay the loans taken by the Centre to meet the shortfall in the cess proceeds against the funds required to honour the constitutional guarantee of 14% revenue growth for states from the GST during the first five years of the tax– July 2017 to June 2022. Currently, assorted tobacco items, pan masala and aerated water are among the products that attract the highest GST rate of 28% and also the ‘compensation cess’. As per an RBI study, the weighted average tax rate under the GST had come down to 11.6%, from 14.4% at the time of its launch as against the revenue-neutral rate (RNR) of 15.5%. Sources said the weighted average rate has even come down further to below 11%, much to the chagrin of states. However, there are tax experts who feel it is futile and irrational to pursue the RNR, as revenue could be boosted by broadening of the ta base instead. “Businesses that pay compensation cess such as automobile manufacturers, would expect compensation cess to come to an end early 2026 as it drives up costs and prices and was intended only as a panacea for the initial period of five years,” said MS Mani, Partner, Deloitte India. However, the revenue authorities will not want to give up a significant source of revenue without identifying an alternative source to plug the revenue gap, “he opined.
Source: Financial Express
India has made a roadmap for its textile industry to grow to $350 billion by 2030 from around $164 billion now and create 4.5-6 crore jobs, textile minister Giriraj Singh said Friday. At the ministry’s 100-day programme, he also said that the seven PM Mega Integrated Textile Region and Apparel (MITRA) parks approved earlier will have investment to the tune of Rs 70,000 crore when fully functional, thereby creating 21 lakh jobs. “To reach a size of $350 billion in the coming days, we need man-made fabric, whether it be synthetic, viscose or natural fibre, we are preparing for everything,” Singh said, adding that over 350 brands globally procure clothes from India. Singh also said that neither Bangladesh nor Vietnam was ever a challenge for India’s textile exports and “there is this havoc being created about Bangladesh posing a challenge to India's textile industry”. Setting a target of 50,000 metric tonne production and employment generation of 1 crore by 2030, he said that cultivation of silk is linked to employment generation of farmers. India aims to achieve $600 billion of textile exports by 2047 from $44 billion in FY22 and the domestic market to grow to $1.8 trillion from $110 billion in 2022 Officials said that around a dozen companies are set to start receiving incentives under the Production Linked Incentive (PLI) scheme for the textile sector in the current financial year amid signs of a recovery in textile exports in August. “The government will start disbursing the textile PLI incentives from this year. Around 40 companies have already grounded investment. We hope that in this financial year, 10-12 companies will get incentive payout under PLI,” said an official, adding that a call is being taken on the next edition of the PLI scheme. The current scheme covers technical textiles and manmade fibre products. The government had launched the Rs 10,683 crore PLI scheme to promote the production of MMF apparel, MMF fabrics and Products of Technical Textiles in the country to enable the textiles industry to achieve size and scale and to become competitive.
Source: Economic Times
Amid a slowdown in India's goods exports, the government has decided to continue with a crucial remission benefits scheme for exporters that was due to lapse on September 30. The benefits under Remission of Duties and Taxes on Exported Products (RoDTEP) will continue beyond September and the government will review the scheme in December, officials said. "RoDTEP will be reviewed in December and at present, the situation is not conducive to discontinue the scheme," said an official, who did not wish to be identified. The scheme aims to refund taxes and duties that are not rebated under any other scheme. These include various central, state and local levies that are incurred in the process of manufacturing and distribution of exported products but are not refunded through schemes such as goods and services tax or duty drawback. The current RoDTEP benefit rates range between 0.3-4.3%. The budget allocated ₹16,575 crore to the scheme for 2024-25. As per the commerce and industry ministry, the existing RoDTEP outlay would be insufficient if exports grew at a faster pace. In that case, the outlay of around ₹800 crore of a separate programme, the Rebate of State and Central Taxes and Levies (RoSCTL) scheme for apparel, garments and made-ups, could be used. Both RoDTEP and RoSCTL are e-scrips issued by customs in respect of remission of embedded local duties in exported goods. "We will take a call after the review if RoDTEP needs to be discontinued or incentives reduced in some sectors if the budget is breached," the official said. The ministry has forecast some savings under RoSCTL because textile exports haven't grown as much and can be accommodated in RoDTEP. Uncertain export credit However, the commerce and industry ministry and finance ministry are still discussing the extension of the interest equalisation scheme on pre- and post-shipment rupee export credit which are due to expire at the end of this month. "Talks are not conclusive on the interest equalisation scheme. A notification is expected in a day or two," the official said. Exporters have sought an extension of the scheme as goods exports contracted 9.3% in August. The scheme helps exporters from identified sectors and from micro, small and medium enterprises to avail of rupee export credit at competitive rates at a time when the global economy is facing headwinds. The ministry has moved a note for the approval of the Expenditure Finance Committee to extend by five years the interest equalisation scheme, which is available for small businesses and products falling under 401 tariff codes till September 30. The total outlay for the scheme is capped at ₹750 crore.
Source: Economic Times
About 12 textile companies are set to receive the first set of incentive payment under the production-linked incentive (PLI) scheme. “Around 40 companies have grounded investment. We had a gestation period till March 2024.We hopethis financial year 10-12 companies will be getting incentive payout (under PLI),” a senior government official said on Friday. The scheme was launched in 2021 to boost the domestic manufacturing of man-made fabric (MMF), garments and technical textiles, with a budgetary outlay of Rs 10,683 crore. The scheme, however, received a lukewarm response from private players. The development is significant, considering that earlier this year a Cabinet secretary-led committee had also flagged the “shortfall” in progress in investment during 2023-24 in three, including textiles, of the 14 PLI sectors. The textiles ministry had first released the guidelines of the scheme in December 2021. However, the government received 64 applications with commitments worth approximately only Rs 6,000 crore. This was also because some players informed the government that they were not keen on investing in proposed textile categories due to lack of expertise. MMF includes viscose, polyester, and acrylic, which are made from chemicals. Exporters say MMF accounts for a fifth of India’s apparel export. Technical textiles, on the other hand, are a new-age sector that can be used for producing personal protective equipment (PPE) kits, airbags, and bullet-proof vests, and can be utilised in sectors such as aviation, defence, and infrastructure. The textiles ministry has sought approval from the Cabinet for another PLI scheme for the textile sector, with focus on apparel. The budget for the scheme is expected to be Rs 4,000 crore, the unutilised funds under the scheme. The second edition of the PLI scheme will have special emphasis on micro, small, and medium enterprises.
Source: Business Standard
Amid signs of a recovery in exports in August, about a dozen companies are set to start receiving incentives under the Production Linked Incentive (PLI) scheme for the textile sector during the current financial year, a senior government official said on Friday. This will be the first tranche of disbursements under the PLI scheme for textiles for manmade fibres (MMF), apparel, MMF fabrics, and 10 segments of technical textiles, following a significant delay due to weak export demand in the West. The scheme was launched in 2021 with a budgetary outlay of Rs 10,683 crore. “The PLI scheme disbursements will start in the current financial year, and textile manufacturing and investments will get a boost since India has the entire value chain, unlike many other countries. Additionally, the PM Mega Integrated Textile Region and Apparel schemes, along with free trade agreements, will help create scale in textile manufacturing,” said Rachna Shah, Secretary, Ministry of Textiles. Addressing the issue of employment, Union Minister of Textiles, Giriraj Singh stated that the government has prepared a roadmap for creating 4.5 to 6 crore jobs in the textile sector by 2030, asserting that efforts are underway to increase the sector’s market size to $350 billion, up from around $165 billion at present. Singh mentioned that Indian textile workers are better paid compared to their counterparts in other textile-manufacturing countries, and that India’s domestic sector has been expanding rapidly. He also noted that efforts are in progress to promote the ‘Make in India’ initiative for the textile sector. “To reach a size of $350 billion in the coming years, we need man-made fabric, whether synthetic, viscose, or natural fibre. We are preparing for everything,” said the minister, adding that over 350 global brands procure clothing from India, and attention should not only be focused on export figures but on domestic numbers as well. Notably, India’s textile exports declined for the second consecutive year in 2023-24. Job creation in labour-intensive sectors such as the textile industry has been a concern. Employment in India, directly and indirectly linked to international trade, has declined over the last decade, a World Bank report had highlighted earlier this month. World Bank economists noted that India’s share in global exports of labour-intensive sectors such as apparel, leather, textiles, and footwear has declined. Meanwhile, countries like Bangladesh, Vietnam, Poland, Germany, and France have managed to increase their global export share in major job-creating sectors by up to 2 per cent between 2015 and 2022. India’s textile and garment exports have stagnated at around $35 billion, while Vietnam and Bangladesh have gained market share, supported by free trade agreements (FTAs) and Least Developed Country (LDC) status, which provide a 10-15 per cent duty concession in Western countries. World Bank economists suggested that India could benefit from a new strategic plan to diversify exports, leverage the changing geopolitical landscape, reduce trade costs, and improve trade facilitation. “India has made progress in facilitating trade and re-engaging with global markets, but progress is limited by new barriers affecting goods, services, and investments,” the Bank said.
Source: Indian Express
The Indian rupee is likely to open little changed on Friday as traders gauge the pullback in odds of another 50-basis-point rate cut by the US Federal Reserve, while recent gains in the yuan are expected to keep Asian currencies supported. The 1-month non-deliverable forward indicated that the rupee will open at 83.65-83.66 to the US dollar compared with 83.6425 on Thursday. Asian currencies were mixed with the Indonesian rupiah up 0.5 per cent, while the offshore Chinese yuan pared gains after a slew of economic stimulus measures drove the currency to an over 16-month high of 6.96. The rupee will be "supported on the margins" by the yuan's rise and is likely to hover between 83.50 and 83.80 in the near term, a foreign exchange trader at a private bank said. The local currency's failure to rise above its key resistance level at 83.50 has trimmed positive bias on the currency, the trader added. Month-end dollar bids could pressure the rupee. The dollar index was up 0.1 per cent at 100.7 in Asia hours after a host of US data released on Thursday indicated a relatively healthy economy. US jobless claims declined to a four-month low while gross domestic product grew at an unrevised 3 per cent in the April-June quarter. Odds of another large rate reduction by the Fed in November declined to 50 per cent after the data was released, down from near 60 per cent a day earlier, according to CME's FedWatch tool. US personal consumption expenditure (PCE) inflation data, due later in the day, will be in focus for cues on the path of policy rates. Markets are leaning towards "a 50bp Fed rate cut at the November meeting, but upcoming data and key risk events such as the US elections will test their resolve to front-load cuts," Societe Generale said in a note.
Source: Business Standard
The government is considering the possibility of liberalising public procurement rules for new and innovative products produced under the Production Linked Incentive (PLI) scheme in order to attract more investments in the 14 identified sectors, Commerce & Industry Minister Piyush Goyal has said. All quality approvals, from agencies such as BIS, FSSAI, CDSO and NABL, for items produced under the PLI scheme will also be henceforth fast-tracked, the Minister said on Sunday after consultations with PLI beneficiaries. “We (DPIIT) will be working with all line ministries to see how we can make sure that that whenever you (PLI beneficiaries) have to supply to government procurement, the prior experience conditions can be liberalised.... all your class 1, class 2 categorisation can be liberalised, to allow you through your journey to produce new and innovative products. We are working in that direction to give you greater market access in government procurement,” Goyal said.
List of items A list of items that could be covered under the liberalised government procurement rules will also be discussed with line ministries. The Minister said he was optimistic that the investment targets under the scheme would get surpassed. “We were expecting that this ecosystem will have an investment of ₹1,32,000 crore. But with today’s discussion, where many beneficiaries have talked about exceeding the investment commitments, my own expectation is that we will land up with investment upward of ₹2 lakh crore through the encouragement of this government,” he said. Investments coming into the semiconductor sector industry, could itself be upward of ₹2 lakh crore, beyond the 14 sectors.
To exceed target
Jobs generated under PLI is also likely to exceed the target, Goyal added. “When we originally conceptualised PLI we were expecting about 8.5 lakh jobs will be created out of this investments. But listening to the stories that are coming across from various PMAs (Project Management Agencies), line ministries and my own detailed engagements with the industry, it looks like we could end up with direct employment exceeding 12 lakh people and indirectly possibly much more,” he said. The PLI scheme was announced in 2021 for 13 sectors (later extended to one more) with an outlay of ₹1.97 lakh crore, to incentivise local production in strategic areas and encourage exports. The support under the scheme, based on minimum investments and turnover, is provided over a period of five years. The 14 sectors include mobile manufacturing and specified electronic components; drug intermediaries & APIs; medical devices; automobiles & components; pharmaceuticals, specialty steel, telecom products; electronic/technology products; white goods, food products, textiles (MMF segment and technical textiles), high efficiency solar PV modules, ACC battery, and drones & components. Goyal said that the timeline for certain sectors covered under the scheme could be extended based on the submissions made by the line ministries and the clearances received. So far, the scheme has proved to be successful in a handful of sectors, most significantly in mobile manufacturing, and to some extent in ones like electronics, food processing, drones and pharmaceuticals. Per latest estimates, the PLI scheme has attracted ₹1.5 lakh crore investments (total investment expectation is ₹3-4 lakh crore), led to production worth ₹8-9 lakh crore of which ₹3-3.5 lakh crore were exported, the official said. Total disbursement of incentives touched ₹10,000 crore but were concentrated in certain sectors.
Source: The Hindu
The government is considering setting up a foreign investment regulatory mechanism for post-investment review and monitoring in the country. According to the news agency PTI, the consideration is only at the discussion level. Sources told PTI that an oversight mechanism for foreign direct investment (FDI) should exist in India. It is a kind of oversight of money entering the country as FDI. It can help ascertain that the FDI coming into the country benefits the economy and originates from legitimate sources. India is a major destination for foreign direct investments given its 1.4-billion market, stable policies, demographic dividend, good investment returns and skilled workforce. The government has taken a series of measures to attract overseas investments, such as promoting ease of doing business through simplifying procedures and significantly reducing the industry's compliance burden. The government has also eased FDI norms in several sectors, such as space, ecommerce, pharma, civil aviation, contract manufacturing, digital media, coal mining, and defence. It has also rolled out the production-linked incentive (PLI) scheme for 14 sectors, such as electronics and white goods. Some measures to improve the ease of doing business, zero tolerance for corruption, and a focused effort on emerging sectors like electronics have helped promote 'Make in India' and boost domestic and foreign investments.
FDI inflow in India
Over the last 10 financial years, FDI inflow has increased by 119 per cent, reaching $667 billion compared to $304 billion in the previous 10 years (2005-14), with over 90 per cent of total FDI received through the automatic route. FDI in India jumped 47.8 per cent to $16.17 billion in April-June this fiscal on healthy inflows in the services, computer, telecom, and pharma sectors. The government is also developing industrial townships to boost domestic manufacturing and attract foreign investors by providing world-class infrastructure. India receives maximum investments from Mauritius, Singapore, the US, the Netherlands, the UAE, the Cayman Islands, Cyprus, Japan, the UK, and Germany. Sectors that attract healthy overseas inflows include services, computer software and hardware, telecommunication, pharma, and chemicals. Saurav Kumar, Partner, IndusLaw, told PTI that a dedicated law to deal with national security risks in foreign investment may strengthen India's position with respect to international law by providing a clearly defined legal basis for rejecting investments on national security grounds. "This would not only reduce the risk of international challenges but also showcase that India's actions are transparent, predictable, and aligned with global best practices," Kumar said. Rudra Kumar Pandey, Partner, Shardul Amarchand Mangaldas & Co said it is important that a specific domestic law is introduced which provides clear guidelines on parameters for processing the foreign investment application, aspects relating to a national security risk, the threshold for determining beneficial owner, the appointment of a nodal officer to interact with the applicant, providing of regular update, specific grounds of rejection and other relevant provisions to bring out the transparency in the approval procedure. "The objective for having specific domestic law should be to bring certainty in the processing of the foreign investment application and give the investor confidence to come forward with their application," Pandey said.
Source: Live Mint
The Pact for the Future, adopted at the 79th UN General Assembly recently by world leaders, lays the foundation for a more equitable and sustainable global economy and is a landmark commitment to tackle global challenges through multilateralism, climate action and digital inclusion, according to the UN Trade and Development (UNCTAD) Action 5 of the Pact focuses on making the global trading system a driver of sustainable development, emphasising on export-led growth and preferential trade access for developing countries—crucial for achieving the UN Sustainable Development Goals (SDGs), UNCTAD said in a release. The rise of the Global South is reshaping global power dynamics, with developing nations playing an increasingly significant role in international trade and economic governance, the UN body noted. This shift offers opportunities for developing countries to access global supply chains, partnerships and investments. However, these must be carefully managed to ensure that growth is sustainable and inclusive, aligning with the goals of the Pact for the Future, it said. The alignment of trade policies with climate objectives is essential for sustainable development, UNCTAD noted.
Source: Fibre2fashion
Government officials and representatives from businesses and trade associations from member states of the Association of Southeast Asian Nations (ASEAN) recently discussed the potential benefits of upgrading the provisions of the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA). The discussions were held during the AANZFTA Regional Business Roundtable in Vientiane last week, co-hosted by Laos’ ministry of industry and commerce. Several topics were discussed, such as raising awareness of the Free Trade Area and the challenges and opportunities involved, while suggestions by the private sector and other key groups on the AANZFTA upgrade were put forward, according to media reports from the host country. “ASEAN and closer economic relations (CER) countries are long-term economic partners and are getting stronger. In 2023, the value of trade between ASEAN and Australia was worth $94.4 billion, accounting for 2.7 per cent of the total trade value of ASEAN, while trade between ASEAN and New Zealand was worth $12.7 billion, accounting for 0.4 per cent of the total trade value of ASEAN,” Laos’ deputy minister of industry and commerce Malaythong Kommasith was quoted as saying. The value of foreign direct investment (FDI) by Australia in ASEAN member countries reached $1.6 billion, accounting for 0.7 per cent of the total value of direct investment by other countries in ASEAN in 2023. FDI from New Zealand in ASEAN member countries reached $13.5 million, accounting for 0.01 per cent of the value of FDI in ASEAN last year.
Source: Dfat.gov
ISLAMABAD: The textile industry is grappling with significant challenges following the government’s decision to cut off gas supplies to captive power plants, pushing these facilities to connect to the national power grid. Reports indicate a lack of consensus among power and petroleum ministers regarding this critical issue. During a recent Economic Coordination Committee (ECC) meeting, the Petroleum Division highlighted the government’s ongoing strategy to reduce the use of natural gas for captive power generation. The division proposed a revision of the gas supply priority order to minimize consumption by these plants. The Minister of State for Finance and Revenue supported this proposal, suggesting that gas tariffs for captive power should be increased to align with higher rates for Re-gasified Liquefied Natural Gas (RLNG), thereby discouraging their use. In contrast, the power minister stressed the necessity of ensuring connectivity to the national grid before cutting gas supplies and supported the idea of raising tariffs. The petroleum minister cautioned that the Power Division should have established timelines for connecting captive power plants to the grid, warning that disconnecting gas—mandated by an International Monetary Fund (IMF) structural benchmark—could adversely affect the textile industry and the broader economy. Despite these warnings, the committee concluded that gas pricing should be leveraged to transition industries to grid-based power, agreeing to notify captive power producers about the gas disconnection, set for early 2025. The Petroleum Division informed the ECC that the government has been encouraging industries to transition away from gas for several years. The 2005 Natural Gas Allocation and Management Policy established a merit-based order for gas supply, which has undergone multiple revisions. In 2018, the textile sector received subsidies for RLNG, which were subsequently increased but ended in July 2023. This left industries reliant on indigenous and RLNG resources, per the ECC’s November 2023 decision. The textile sector has heavily invested in captive power generation to ensure uninterrupted production, especially during periods of power instability. These plants not only generate electricity but also produce steam essential for industrial processes. However, the government’s push to phase out gas-based captive power has created significant obstacles. Historically, the government allowed some captive power units to sell excess electricity back to the national grid, but few companies secured the necessary approvals. Efforts to audit the efficiency of these units were proposed in 2011 but never implemented. Many industries have pursued legal challenges, securing restraining orders that halted the disconnection of their gas supplies. As part of its commitments to the IMF, the government aims to phase out gas supplies to captive power plants by January 2025, with tariffs set to rise from Rs2,750 to Rs3,000 per MMBTU by July 1, 2024. The Power Division has conducted surveys and load assessments to prepare these units for grid connectivity. The decision to prioritize other sectors over captive power plants has alarmed the textile industry, which accounts for 60% of Pakistan’s exports. High production costs, energy shortages, and global competition already strain the sector, with exporters warning of potential 30% increases in production costs and a 20% drop in exports. Compounding the issue, the government still owes Rs100 billion in refunds to the sector. Industry representatives have reached out to the Special Investment Facilitation Council (SIFC) for intervention. They stress that balancing the energy requirements of various sectors is crucial for the textile industry’s survival and competitiveness. In their appeals, textile producers have requested energy subsidies—gas at $6-7 per MMBTU and electricity at Rs5-6 per unit. They have also called for financial relief through overdue refunds, customs duty reductions, and sales tax exemptions on raw materials.
Source: Pakistan Today
