Monday, October 17, 2011

Global textile market

A new challenge for Pakistani textiles to compete in very tough global market:
Federal Ministry of textile industry Pakistan plans to levy 1% turnover cess to increase badly needed billions of rupees from all the segments of textile industry and allied sectors.
The cess will be in addition to 0.25% Export Development Fund surcharge being already paid by the industry on exports and collected by the ministry of commerce.
The ministry on Thursday issued the draft of proposed Textile Industry Development Promotion and Standards Act, 2011. It has given time  period of four weeks for soliciting comments from the stakeholders starting from Oct 14, 2011.
The funds so raised will be spent by the textile ministry on development, promotion, regulation and setting of standards for textile industry to achieve growth, create jobs, and enhance productivity and value-addition throughout textile chain.
This cess may create new burden for Pakistani textile to compete in tough global market