The textile industry’s growth saw a 26 per cent rise in quantitative terms, though this is not reflected in dollar amounts due to a substantial fall in prices worldwide, according to the All Pakistan Textile Mills Association (APTMA). With over 5 per cent profits, firms posted a turnover of $16 billion—$13.3 billion for exports and $2.8 billion for domestic sales. The textile industry contributed to the exchequer Rs 40 billion as income tax and over Rs 35 billion as other indirect taxes and levies, it said. The textile industry has strong balance sheets and an equity fund of $1 billion earned directly from the international market. These funds can be leveraged to invest at least $4 billion in the next year alone, according to a press release by APTMA’s Islamabad office.
