Pak Budget 2015-16: Incentives for Textile Sector

Finance minister of Pakistan MUHAMMAD ISHAQ DAR has presented the budget for the fiscal year 2015-16 in the lower house of the parliament and total 165 million Rs. Has been allocated for textile industry under public sector development program (PSDP).

The textile manufacturers have appreciated the minister for the incentives for the textile sector in budget as textile sector has 50 percent export value and it is the largest single job providing sector.

Pak Budget 2015-16

The government announced textile policy (2014-2019) in February 2015 with a view to doubling textile export from 13 billion USD to 26 billion USD. The government was also optimistic to create 3 million new jobs. The federal textile board has been restructured to solve various problems in this sector for the implementation of the policy.

Chairman of Pakistan Apparel Forum JAWAL BILWANI has said, export of textiles will cross USD 80 billion in next 10 years if textile sector is continuously facilitated and supported by the government.

Textile exporters will enjoy long term finance facility and export refinance facility from 1st July 2015 at 6 percent and 4.5 percent rate respectively. The government is determined to resolve energy crisis required for the undisturbed production process of textiles.

Benefit of drawbacks of local taxes and levies scheme will be provided for fiscal year 2015-16 for textile exporters and if they can export more than 10 percent of previous years export they will be entitled to the drawbacks of FOB values.

MUHAMMAD ISHAQ DAR has announced that for training 120,000 unskilled male and female a 4.4 billion Rs. mega project has been planned and it will boost the ongoing and future development of this sector. With this textile helping budget Pakistan will be a strong opponent in global textile market.

Reported by-
Tanvir Hossain
Reporter of Textile Tribune
Shahid Aziz Hall
Bangladesh University of Textiles.
Email: tanviranikbutex@gmail.com

1:33 PM