Textile Production Increased By 5.90% During FY 2020-21
Faizan Hashmi 5 days ago Thu 10th June 2021 | 05:30 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 10th Jun, 2021 ) :The textile production has increased by 5.90 percent during fiscal year 2020-21 against 2.58 percent decline in the same period last year.
According to the Economic Survey launched here by Minister for Finance and Revenue Shaukat Tarin on Thursday, major jump originated from woolen segment production that may be associated with the projections of early onset of winter season by international agencies.
Likewise, pandemic has proved as a blessing in disguise for garments manufacturers as there is a flurry of export orders from European and American markets for Pakistan's garment sector due to the severe impact of COVID-19 on our regional countries.
Cotton yarn production and cotton cloth have also contributed well as they grew by 3.1 and 3 percent, respectively. Government has facilitated the sector i.e., tax refunds and duty drawbacks, which is bearing fruits and this sector has started picking up the pace.