The package includes respite in interest rate and research and development support would give some assistance to the industry which is the main job provider and foreign exchange earner for Pakistan.

Pragmatically, textile industry had not been doing well for various factors. Many units had been closed during the past few years.

Yet, our competitors, India and Bangladesh got tremendous boost in the sector, share of Pakistan’s export of textile has come down from 63 per cent to 57 per cent of the total exports.

This happened when the country much required foreign exchange to meet its international commitments and import bill. Of-course, to steer the textile industry out of crisis, there is a dire need for a visionary policy to facilitate the sector by giving its due share in the international market.

Energy crisis was also one of the contributing factors and according to reports; exporters were forced to cancel several orders as they were unable to meet the deadline due to shutdowns.

As a matter fact – the business community must greet the approval of the textile package – as this indicates that the government has been and is paying attention to address their problems.

At the same time, formation of Textile Standing Committee composed of egalitarians with textile background is a welcome step.

This way, they would be able to advance the dilemmas of this sector in Parliament and to the Government.

Yet, another encouraging development for the textile industry would be the harvesting of a good cotton crop this year.

Figures released by the Cotton Ginners Association indicate that there has been almost about 25% increase in the arrival of the raw stuff in the ginneries as compared to this period of last year.

More significantly, the cotton market was also maintaining bullish trend as prices were within the range of spinners. Though there are fears that recession in the West could affect exports.

However, we are of the view that since products of Pakistan are comparatively less expensive and well-suited, it is appropriate time for the textile sector to take benefit of the fresh incentives to make up for the losses – which were being experienced since long.

The capabilities of our cultivators as well those who have expertise in ginning are par excellence.

Thus, we feel optimistic that they shall do well by working hands-in-hands for giving the input for improving economy – to the optimal.