Economic Mess: Over 4,000 Embroidery Units Closed in Faisalabad
The textile industry in Faisalabad is on the verge of collapse and over 200,000 workers have been left jobless after the closure of more than 4,000 units of embroidery sector, says a report by Samaa.
The reason is simple – the revenue generation-driven budget and the alarming inflation amid rupee devaluation.
According to industrialists, the embroidery sector has been shut within a week due to the budget measures and they will launch protest, as it is impossible to runs industrial units in this scenario.
This news comes after an All Pakistan Textile Mills Association (APTMA) representative earlier in the week said that around 140 units had already been shut and another 75 to 80 would soon close their operations.
Around 140 textile mills had already closed their operation because of high cost of doing business, inadequate supply of raw material, drastic increase in interest rate, and liquidity constraints due to the delay in refunds of sales tax, said APTMA Sindh-Balochistan Region Chairman Zahid Mazhar as he criticised the PTI government for raising the gas tariff.