Textile industry in meltdown: Cotton Ginners Forum chairman |
LAHORE: The domestic spinning and cotton textile sector is facing what industry leaders describe as the worst economic crisis in the country’s history, triggered by unprecedented taxes, the region’s highest power tariffs, and a surge in under-invoiced cotton yarn and fabric imports from China and other countries.
According to Cotton Ginners Forum Chairman Ihsanul Haq, over 100 spinning mills and over 400 ginning factories have already become non-operational. The shutdowns have led to a drastic fall in the purchase of raw cotton, shrinking national cotton production to alarming levels and threatening further erosion of foreign exchange reserves due to rising imports of edible oil and textile products.
He warned in a statement that the unchecked influx of imported yarn, much of it under-invoiced, has........