KARACHI: The federal government has decided to give rice industry status while the Ministry of Commerce will send a summary to the ECC.
According to sources, giving industry status to rice is expected to increase rice exports as well as its production. Sources from the Ministry of Commerce stated that the status of the rice industry would help the industry in securing financing from banks, while other issues including energy supply in the sector would also be resolved.
According to the Ministry of Commerce, Pakistan currently produces 8.7 million tonnes of rice, out of which 3.5 million tonnes are used locally. On the other hand, the year 2021 proved to be very fruitful for the textile sector despite the Corona epidemic after the government allowed trade with SOPs.
In the year 2021, the Corona epidemic shook the world economy. The Pakistani economy was also under severe pressure but the exporters lost their footing in the international market.
Pakistan exported .3 12.344 billion from July 2021 to November 2021, of which the textile industry accounted for the bulk. According to the industrialists, due to government relief in the energy sector, the industrial wheel has turned completely.
Industrialists have gained billions of dollars in new orders by finding new customers in the international market, while 2,000 air-jet looms of state-of-the-art technology have also become part of the textile industry.
The industrialists said that various government relief packages have reduced the production cost of textiles which has helped in the preparation of export orders. The year 2021 will be very successful for the exporters, but the dollar and the repeated rise in the price of electricity have badly affected the domestic industry.
The industrialists said that if the government provided relief package to small-scale industries and brought down the price of electricity and dollar then next year could be a year of industrial development for the local industry as well.
