The All Pakistan Textile Mills Association (APTMA) Chairman Tariq Saud has urged the Pakistan government to wake up from a slumbering mode and save the textile industry in order to save economic growth of the country.

Saud said the availability of 24/7 energy to the industry would only be useful when viability of the industry is restored. He condemned the indifferent attitude towards prevailing state of affairs of the textile industry, which is a mainstay of Pakistan economy with backward and forward linkages, biggest employer and the highest export earner in the country. He further said that if this unfriendly attitude of the government will be continued then the industry will move towards the position of no return.

According to the APTMA Chairman, the first nine months financials of the listed companies of the textile sector suggest that the industry is heavily under pressure. He added that only 30 per cent of the listed companies of textile industry marginally performing while remaining 70 per cent companies showing closure or negative results.

Financials of the non-listed textile companies are even worst and the exports of the sector are showing negative trends over the last two years, which the APTMA has been putting on record time and again. Unprecedented cotton crop failure caused 35 per cent drop in production this year.