Amid Economic Crisis, 7 Millions Textile Employees Loss Jobs - Capital TV

June 3, 2023


Amid Economic Crisis, 7 Millions Textile Employees Loss Jobs

Anum Razzaque

KARACHI: Value-added Textile association on Monday said the government has failed to tackle the economic crisis, which raised the number of unemployment in textiles, a result of this minimum of 7 million people have lost their jobs in textile industry.

In a joint press conference of the value-added textile association, they said, “government has no policy to address the crisis of the textile industry.”

Some industries have been closed, and some are nearly shutting down their production plants, and investors are mulling shifting abroad, they said.

“Importers refused to send consignments on LC below $50000, and the demurrage on varied consignments becomes the reason for further loss.”

“the current shortage of dollars can resolve by increasing the export,” they said.

The industrial sector cannot operate under extreme financial stress as the alarm bells for sovereign default have been continuously ringing while the government’s finance and economic team appears to be asleep at the wheel, they said.

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