Millers body deplores govt’s decision over Eid holidays
National
May 2, 2021
LAHORE: All Pakistan Textile Mills Association leader Gohar Ejaz has deplored the decision of the government for Eidul Fitr holidays from 10th to 16th May, 2021 which would bring miseries for daily wagers and impact exports.
In a statement he said shutting down the country for 10 consecutive days is unacceptable as it would create a lot of glitches for the economy, industries, particularly the exporters who will not be able to dispatch their shipments abroad due to the complete closure of banks, ports, customs, and all other departments during excessive holidays.
The export-oriented industry and trade on Saturday strongly rejected the government’s announcement of a five-day Eidul Fitr holiday from May 10 to 15. Dawn/File
KARACHI/LAHORE: The export-oriented industry and trade on Saturday strongly rejected the government’s announcement of a five-day Eidul Fitr holiday from May 10 to 15, claiming that the break would cause a loss of over $300 million in exports.
Talking to
Dawn, trade and industry leaders said the long Eid holiday – which is likely to spill over to nine days starting from May 7 and ending on May 16 – will hurt economic activity. They urged the government to withdraw its decision by squeezing the festive break to three days only. They urged the government to announce revised holidays of Eidul Fitr from May 12 to 15.
Ginning factories closed amid low cotton stocks
Business
KARACHI: Local cotton market remained sluggish in the week, largely owing to dollar depreciation, dwindling yarn
demand, erratic global trends, and Ramzan timings, with ginners mostly opting to suspend their operations, traders said.
Traders were mostly expecting the slowdown to continue in the coming days, saying Covid-19 had affected the trade globally, which had also resulted in the less demand in the local market, which also came under the influence of the international markets.
The cotton season has almost ended and ginners are left with less than 60,000 bales that are also being sold gradually, as the lint was being purchased by some mills. However, trade volume is very low and almost all ginning factories have closed their operations.
Millers’ body deplores Eid holidays
National
May 2, 2021
LAHORE: All Pakistan Textile Mills Association leader Gohar Ejaz has deplored the decision of the government for Eidul Fitr holidays from 10th to 16th May, 2021 which would bring miseries for daily wagers and impact exports.
In a statement he said shutting down the country for 10 consecutive days is unacceptable as it would create a lot of glitches for the economy, industries, particularly the exporters who will not be able to dispatch their shipments abroad due to the complete closure of banks, ports, customs, and all other departments during excessive holidays.
He warned that businesses cannot afford such extended holidays as they will result in giving losses of up to billions of rupees to the national exchequer and terribly affect business activities particularly the exports. Simultaneously, it will badly affect and deprive the daily wage earners of the country of their desperately needed earnings for continuous 10
ISLAMABAD: The country’s exports to European Union countries may stay in a danger zone in the time to come as the European parliament on Thursday adopted a resolution urging the EU authorities.