Pakistan textile industry surpassed China in productivity. The textile industry has become Pakistan’s highest exporting industry after the government removed duty from raw cotton imports.
Pakistan’s textile industry has also overtaken China on export orders, which is already the world’s largest textile exporter, but the ongoing crisis caused by the Coronavirus has badly affected its production.
According to Asif, a former chairman of the All Pakistan Textile Mills Association, Pakistan textile industry is operating in its full capacity.
He said that if this is the case, due to the development of the textile industry, the national exchequer will increase from 24 to 25 billion in the financial year 2019-2020.
He added that we do not have any further orders.
According to the government, the textile industry will double in the next five years, but the condition is that the government will overcome the energy crisis and reduce the price of electricity.
Optima has demanded a five-year policy from the government to provide subsidy and import-export taxes to the industry.
News report on Pakistan textile industry surpassed China in productivity.