Despite a lapse of three months, the federal finance ministry is yet to approve the new textile policy which carries measures to increase country’s textile exports to $26 billion by the year 2019.
The policy was sent to the ministry in June for an approval by Finance Minister Ishaq Dar, but it was being delayed despite the fact that textile exports showed negative growth during the first quarter of the current year.
A well-placed source in the ministry of textile industry told the media that the five-year textile policy will carry support schemes worth Rs85bn in a period of five years.
The first five-year textile policy was unveiled in 2009, but there were major constraints in its implementation which came to an end on June 30. The new policy will be effective from July 1 focusing on value-addition.