Thursday, May 23, 2024
Business

Lack of cotton production will loss the country ten billion

KARACHI (Monitoring Desk) Dr. Murtaza Mughal, president of Pakistan Economy Watch, has said that reducing the production of cotton would cost the nation at least $10 billion. The real production of cotton amounts to just 5 million bales, relative to the 15 million bales goal, which is much lower than the requirement. In order to hold cotton afloat, the country’s biggest manufacturing industry, the textile sector, needs to import at least 10 billion dollars, though costly cotton would also harm production and exports.

Dr. Murtaza Mughal said in a statement released here that all taxes and duties on cotton imports should be eliminated in order to hold the textile industry afloat and steps should be taken to increase local production. He claimed that there was more than a need for the number of sugar mills in the world, so that licences for new sugar mills should not be issued.

He said that the global energy market was robust until the Corona virus, but now the industry is in trouble due to a lack of demand due to the very low but very expensive oil and gas prices relative to the previous administration. This is going to dominate the manufacturing sector.