Executive All Pakistan Textile Mills Association, has said that the circumstance emerging out of the Supreme Court decision on Gas Infrastructure Development Cess (GIDC) has froze the material business over the quality chain.

The announcement was made in an emanant meeting held at APTMA Office Karachi to talk about ramifications of GIDC on the business

He said the material business is now confronting an emergency like circumstance due to the high cost of working together and liquidity requirements.

The rising circumstance on GIDC and its suggestions would add salt to the harm and the business would be loaded further without liquidity stream.

He said the material business discounts worth Rs 160 billion are as of now lying pending with the administration. The material business has further been troubled by Rs 120 billion regarding power levy subsequent to August 2013 to date.

Moreover, he said, in the range of 30 percent limit of the business has as of now been shut down on account of the liquidity crunch and vitality limitations.

He said the material business is not in a position to pay the GIDC with review impact. In this manner, the Government Economic Managers ought to approach to take the business partners into certainty over the worth chain and recovery the business from such an extreme blow.

He said any further limit conclusion would prompt gigantic unemployment and further drop in material fares consequently the administration ought to take the business on board before any further stride on the issue of GIDC.-PR

 

Source: Business Recorder

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