Daily Times, Pakistan
‘Economic recession likely if govt does not solve issues’
KARACHI: The country could witness a severe economic recession if the government does not pay immediate attention to the problems faced by the textile industry.
Much desperate businessmen from the textile sector expressed these views in a meeting with Federal Minister for Textile Industry Rana Muhammad Farooq Saeed Khan at KCCI on Thursday.
Further elaborating the economic recession, which the country might face, they said loss of $10 billion of foreign earnings, loss of over 10 million jobs in which almost 10 percent would be female workers, loss of billions of rupees in revenue to the government exchequer in the form of taxes and closure of the banks because of default.
The federal minister said that the government is mulling to cope with the problems of the textile sector, but the situation being faced by the sector was created by the previous textile ministry as, the previous minister belonging from textile sector, did not do any development work in this sector.
He said that the textile sector has played an important role in the economy of the country and if the textile sector faced problems it would ultimately hurt the country’s economy. staff report
