Minister of State for Finance Promises Relief in Electricity Prices for Textile Industry

Minister of State for Finance Ali Pervaiz Malik assured All Pakistan Textile Mills Association of giving some relief in terms of electricity tariff in a month. This was claimed by a delegation of the All Pakistan Textile Mills Association (APTMA) while talking to the media after meeting the Minister of State for Finance. The delegation led by chairman APTMA Kamran Arshad appraised the minister regarding the issues being faced by the textile industry and presented recommendations for increasing the country’s exports. Arshad while talking to the media said that the minister was urged to reduce the cost of energy i.e. electricity tariff to 9 cents and restore Regionally Competitive Energy Tariff (RCET), decreasing the policy rate by 500 to 600 basis points in the next two monetary policies, taxation issues and bringing level playfield in Export Facilitation Scheme (EFS) scheme. He further said that the minister was requested to address these issues one by one. He further said that the government should review the advancer tax. Other officials claimed that the power tariff would be reduced as a result of negotiations with IPPs. The textile industry competes against the whole world with double energy costs. If energy costs were reduced, exports would reach $50 billion in the next few years.