ISLAMABAD: The federal government has laid a special emphasis on development of textile sector amd has allocated Rs 217.5 million for Textile Industry Division under the Public Sector Development Programme (PSDP) for the fiscal year 2017-18 for new development schemes.
According to a budget document released here Friday, three new schemes has been allocated for new PSDP-2017-18.
In new schemes Rs 67.5 million allocated for Better Cotton Initiatives (BCI) for Sustainable cotton production in Pakistan. An amount of Rs 36 million have been allocated for Faisalabad garment city training centre and Rs. 114 million for one thousand industrial stitching units for textile sector.
Textile sector–Highlights-Special Measures
- Mark-up rate on Long Term Financing Facility will be reduced from 11.4pc to 5pc.
- Duty-free import of textile machinery will be allowed.
- Zero-rated sales tax regime for textiles, leather, sports goods, surgical goods and carpets will be continued.
- To stabilise cotton prices, cotton hedge trading will be introduced.
- A Brand Development fund will also be created.
- 1,000 stitching units will be established.
- An online business-to-business and business-to-consumer portal for textile trading will be introduced.