7 million Textile Workers are Unemployed in Pakistan due to Economic Crisis
- 21, March , 2023
Newstoday: The All Pakistan Textile Mills has written to the Governor of the State Bank, alleging that the country's textile sector is on the edge of bankruptcy and that 7 million people have lost their jobs. Aptma stated in a letter to Governor State Bank Jameel Ahmed that the textile sector is experiencing three key issues. The local textile industry is functioning at less than 50% productivity, putting the business on the verge of bankruptcy and leaving 7 million people unemployed. Aptama said that floods and storms have limited local cotton production to fewer than 50 lakh bales. Cotton production in the country has been poor, amounting to $2 billion. One million bales of cotton will have to be imported into Pakistan. Banks are refusing to create LCs for imported cotton in the nation, despite the fact that textile manufacturers are running out of cotton inventories. According to the organisation, the local textile sector would be totally shut down owing to a lack of cotton. Aptma asked that Governor State Bank issue cotton import LCs promptly, citing the fact that imported cotton consignments are already blocked at the port.