Rs. 47 Billion to be Paid to Textile Sector in 100 Days: Razak Dawood

Business

In order to support the biggest export industry of the country, Adviser to Prime Minister for Commerce and Textile Abdul Razak Dawood has announced to pay Rs. 47 billion to the textile sector in the next 100 days.

Adviser to Prime Minister stated that the government had offered up to Rs. 100 billion packages to the industrial sector as support following the current challenging situation, created due to the COVID-19 pandemic.

The adviser said the refund of Rs. 100 billion for the business community is a part of that process and the government is committed to ensuring timely refunds to the business community in this challenging situation.

“We are continuously in contact with all major industrial sectors, including textiles and construction. With consultation of all stakeholders, the government will give incentive to the priority areas of the industrial sector for revival in the current critical situation,” said Razaq Dawood.

The government wanted to resolve the liquidity issue of the industrial sector, he said, adding that Drawback of Local Taxes and Levies (DLTL) payments will be made, which were pending since 2009. The adviser said the government will pay a technology up-gradation fund worth Rs. 30 billion to the industrial sector to help it come out from the current challenge of COVID-19 pandemic.

The government will pay all the refunds including Rs. 200 billion packages to compensate the industrial sector in the upcoming budget 2020-21.

This package will be paid at a faster pace to the industries, adding that all the stakeholders are on board with the government to evolve a joint strategy to resolve all the issues of the industrial sector. He said that promoting industries and giving incentives to the business community is an important step to leading the country forward.

The commerce ministry has also prepared a list of industries that could be reopened in the current situation, he said.

Razak Dawood said that his ministry is in constant contact with the business community to figure out how the challenge posed by the epidemic can be resolved in the country’s industrial sector.

He hoped the government and business community including all industries are on the same page with a joint plan of action with the consensus of all stakeholders.

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