March 28, 2019: The government has provided Rs 42 billion to local textile industry under Prime Minister Exports Enhancement Package for enhancing the textile exports.
The initiative was aimed at to bridge 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.
So far, the State Bank of Pakistan has received the 2 75,000 refund claims under the package and it was processed accordingly, he said.
The package was introduced in 2016-17 and in the first five months, government had paid an amount of Rs 5 billion, and in fiscal year 2017-18 government had cleared refunds amounting Rs 26 billion.
He said in the last seven months, government had paid Rs 11 billion in terms of outstanding claims, while the pending liabilities of Rs. 23 billion would be cleared by the government in the coming few months.
“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 said.
He further said the main priority of the government was to increase the country’s exports as well as job opportunities for the people.