Tex­tile car­tel cre­at­ing panic to lower cot­ton rates

The Pak Banker - - Front Page -

LA­HORE

One of tex­tile sec­tors fac­tion is try­ing to cre­ate panic in lo­cal mar­ket in an ef­fort to bring down cot­ton prices with a view to stock cheaper raw ma­te­rial through carteliza­tion and giv­ing wrong re­ports of im­port­ing cot­ton from China and In­dia.

Only 10 to 12 big tex­tile groups hoard raw cot­ton at lower rate, later cre­at­ing mo­nop­oly on yarn and black­mail­ing the whole lo­cal mar­ket in the coun­try, ob­served Gar­ments Man­u­fac­tur­ers and Ex­porters As­so­ci­a­tion (PRGMEA) chief co­or­di­na­tor Ijaz Khokhar, urg­ing the tex­tile min­istry to reg­u­late en­tire mar­ket from phutti to cot­ton yarn.

He ac­cused tex­tile mafia of mak­ing huge prof­its at the cost of grow­ers by hoard­ing the pro­duce and later sell­ing it high prices, ask­ing the gov­ern­ment to stop unchecked ex­port of cot­ton yarn in the na­tion’s best in­ter­est. —

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