ISLAMABAD: All Pakistan Textile Mills Association (APTMA) said that seven million textile workers have become unemployed in 11 months, ARY News reported.
The Senate Standing Committee for Finance was informed that 40 percent of the textile mills have been closed in last 11 months.
APTMA warned if the gas and power tariffs are not decreased then 25 percent more textile mills will be closed.
They said that the electricity price for textile mills was hiked from Rs 20 to Rs 39.5 per unit and in the current fiscal year budget the prices are further increased to Rs 49.5
The All Pakistan Textile Mills Association (APTMA) demanded to allocate Rs 104 billion funds in the budget for the textile industry. Rs 40 billion should be allocated for the gas supply while Rs 64 billion for electricity.
Read more: Textile sector on verge of default, APTMA writes to gov SBP
Furthermore, they said that the industry in Punjab is getting gas and electricity at high rates.
Earlier, All Pakistan Textile Mills Association (APTMA) warned that the textile sector is on the verge of default.
In a letter to Governor State Bank of Pakistan (SBP) Jameel Ahmed, the APTMA said that currently, the textile industry is facing three major issues.
The textile sector is at 50 percent less production capacity and approximately 7 million people have lost their jobs in the textile sector. If the textile sector is closed over 10 million people will lose their jobs across the country and 10 billion lost to the annual imports
Cotton production has decreased to 5 million bales which is why the textile industry will have to import 10 million more cotton bales.
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