The government has provided Rs. 42 billion to the local textile industry under “Prime Minister Exports Enhancement Package” for enhancing textile exports.
The initiative was aimed at bridging the gap between local exports and imports by encouraging the export-oriented industry and incentivizing the industrial sector for introducing the innovative, modern and cost-cutting technologies, particularly in the textile industry, said a senior official in the ministry of and textile industry.
Talking to APP on Wednesday, he said that so far, State Bank of Pakistan has received the 275,000 refund claims under the package and it was processed accordingly.
He said the package was introduced in 2016-17 and in first five months, the government had paid an amount of Rs. 5 billion, adding that in the fiscal year 2017-18 the government had cleared the refunds amounting Rs. 26 billion.
He said that in the last seven months, the government had paid Rs. 11 billion in outstanding claims, adding that pending liabilities of Rs. 23 billion would be paid off by the government in the coming few months.
He said, “We are committed for the execution of PM export enhancement package for development and growth to the textiles sector for increasing country’s export.” He further said the priority of the government is increasing the country’s exports and job opportunities for the people.
He said that the textile sector was also working towards modernizing and improving the skills of textile workers by using modern technology and tools.