No investment textile sector
Energy crisis is worsening day by day in Pakistan as it is considered a main source for running the machinery installed in the factories, mills and industries. Pakistan facing severe energy crunch due to which no investment has been made in textile sector since 2005. Owners of the industries and manufacturers, who have took the loans for running the business, been paying interest to the banks and wages to the employees for the whole year, now they are forced to close their industries for 100 days a year. More unemployment feared in consequences of closer of the industries. On this point chairman of All Pakistan Textile Mills Association Gohar Ejaz said that we are paying our loan on world's highest mark-up to the banks and as a result have left nothing for new investment. That is why we have nothing in our investment plan for future in the country. Textile sector has backbone status of Pakistan economy as it contributes more than 60 percent in total export and it is 22 percent of the GDP but unfortunately it is ranked on fourth priority for energy need. On results of different hurdles and problems no growth in cotton production has been witnessed for the last 16 years, as country never produced more than 12.5 million bales on average. Resultantly, the textile sector has to import three million bales to fulfill its needs. There is dire need to adopt modern technology in agriculture to enhance the produce for meeting the demand while on the other side India has usually 5 million bales surplus due to its advance technology. Wrong policies of the government also hampering the activity and production of the textile sector, its prominent example is that government has allowed the cotton import from India through ship via Karachi while it can be imported through Wagha border in short time. Cotton import though ship takes weeks to reach the country and industries did not afford such delays in inputs while a large number of workers are busy in their workplaces. Despite protests and requests from the businessmen, chambers of the country and traders, government is not paying heed to the problems which have upset the business community.