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Afridi tells NA cotton support price raised to Rs 3,000

Afridi tells NA cotton support price raised to Rs 3,000

ISLAMABAD: Federal Minister for Textile and Industry Abbas Khan Afridi told the National Assembly that the government had announced Rs 3,000 per 40-kg support price for cotton.

During the question hours in the House, the minister informed that the Trading Corporation of Pakistan (TCP) had been directed to purchase cotton from the farmers at the rate of Rs 3,000 per 40-kg.

The minister said that the government was committed to protect interest of the farmers and the TCP had started to purchase cotton from the farmers. He said that cotton yarn imports from all countries increased from 12 million Kg to 23.9 million kg during the first 8 months of the current financial year as compared to the same period last year.

Mr Afridi said that the Ministry of Textile Industry moved a summary to ECC of the cabinet to withdraw SRO 15 (1) 2010 and restore import duty of 5 percent.

The ECC approved the summary on April 17, last and subsequently the Federal Board of Revenue issued SRO 326 (102014 on April 25.

The minister said that the GSP Plus status was granted with effect from January. He said that textile exports had increased by 8.04 percent during July-March 2013-14 which was more than as compared to the corresponding period of 2012-13.

He informed that the government had introduced a comprehensive textile package in the latest budget.