FAISALABAD: After the closure of more than 100 textile mills in Faisalabad, over 1,000 power looms units have also been closed down due to non-significant reduction in markup rate and continuous increase in electricity and gas prices.
Chief Patron of Pakistan Hosiery Manufacturers and Exporters Association Chaudhry Salamat said that it was not possible to continue the production process, adding the closure of more mills will cause a new wave of unemployment. The power loom sector employs more than 500,000 workers In Faisalabad. The owners of power looms say that it is no more possible for them to continue production due to the increase in the cost of production and the rising prices of raw materials.
Chaudhry Salamat said that there are 2,100 small and big units of power looms in Ghulam Mohammadabad, the main area of power looms sector, of which about 1,000 have been closed. Pakistan has the highest markup and energy tariff in the region due to which most of the mills in the export industry have been partially or completely closed down and now its effects are being seen in the power looms sector as well.
The current situation of the industry shows that if the government does not solve the problems faced by the textile industry immediately, the country’s economy could suffer a severe blow.
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