October 31, 2016
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday asked the government to take note of India’s industrial terrorism as she is bent upon destroying our textile sector, the backbone of economy.
India is working on a multi-pronged strategy to damage Pakistan beyond repairs. It has initiated water terrorism followed by successfully pushing issue of Kalabagh dam into controversies, he said.
Mian Zahid Hussain said that India is targeting CPEC and now it has started industrial terrorism to damage Pakistan’s textile sector and bankrupt our Country.
Indian prime minister is overseeing external sector personally, it has started giving hidden subsidies to the textile sector while banks have been directed to issue loans on zero percent interest which has reduced cost of doing business of the competitors.
Mian Zahid Hussain said that on the other hand Pakistan’s textile industry is going down by the passage of every day due to increased cost of doing business.
The situation of investment and remittances are not satisfactory, exports is only option left to bridge budget deficit otherwise Country will have to rely on foreign loans which have already reached to worrying proportions, he added.
He demanded immediate refund to all export industries, steps to reduce cost of doing business and extra attention to the value-added sector.
Industrialists should be provided relief by simplifying taxation system and reducing the number of government departments dealing with them to save their time, said Hussain.