’Cotton crop collapse threat to economy’

December 5, 2015 Off By Web Desk

Karachi: Reduced cotton output is to threaten livelihoods of millions of farmers and Pakistan’s largest textile industry, a business leader said Sunday.

The cotton output has been estimated to remain under 10 million bales as around 40 percent crop has been damaged in Punjab only, said Mian Shahid, Chairman of the United International Group.

He said that government should immediately probe the failure through an independent commission and fix the responsibility.

At the same time, textile industry that has laid off two hundred thousand workers in last two years in Punjab due to unfavourable conditions must be saved from adverse effects.

He said that Rs 14 trillion textile industry responsible for 57 percent of total national exports cannot be left alone as this sector was already reeling under energy crisis, taxation and unfavourable policies.

Mian Shahid said that the textile millers are awaiting refunds to the tune of one trillion and ten billion rupees since long which should be paid immediately.

This sector can cater for the domestic demand but cannot loosing competitiveness in the international market due to indifferent attitude of those who matter.

Government must provide enabling environment to the whole textile chain and push value addition so that it continue to provide jobs to million and earn foreign exchange, he demanded.