Karachi:
A significant downward trend in cotton prices over Pakistan and the world has led to a continuous decline in cotton product exports, raising fears that a majority of cotton giners as last year may again have major financial losses this season.
The entire cotton chain faces one of the worst economic crises in its history, while many textile and ginning factories have also begun to shut down.
Cotton Ginners Forum President Ehsan-Ul-Haq told Express Pakinomist that the price of cotton in the local market fell with the RS 500 per year. Maund, which brought it down to Rs 15,500 per day. MUUND.
He said that because Pakistan has the highest power -rigs and interest rates in the region compared to rival countries, has fallen into textile exports pushed the local cotton industry into an extraordinary crisis.
HAQ said the government of Pakistan should, instead of spending over Rs 600 billion annually on Benazir Income Support Program (Bisp), focus on protecting local industries and developing a strategy to reduce production costs.
Bisp is a federal unconditional cash transfer poem reduction program. It was launched in July 2008 and it is the largest single social safety network program in the country.
HAQ further stated that an important meeting in Pakistan Cotton Board, led by Deputy Prime Minister Ishaq Dar, is held today (Monday) in Islamabad, where decisive decisions are expected regarding the resuscitation of the cotton sector under Pakistan Cotton Plan 2025–26.
He also suggested that instead of just focusing on reviving cotton cultivation, there is an urgent need to formulate a plan to increase cotton consumption in Pakistan so that closed textile factories and ginning factories can be opened again and recovered to operation.
