Industries given Rs6 billion under DLTL schemes

Industries given Rs6 billion under DLTL schemes

Industries in Pakistan have been granted a total sum of Rs 6 billion under the Drawback on Local Taxes and Levies (DLTL) schemes, announced Abdul Razak Dawood, the adviser to the prime minister on Commerce and Investment, on Tuesday.

Of the allocated amount, a substantial Rs. 5.6 billion has been earmarked for the Textiles sector, while Rs. 400 million has been allocated for the Non-Textile sector, as confirmed by the Adviser on his official Twitter account. Dawood expressed optimism about the impact of this financial injection, stating, “I hope this will contribute to improving the liquidity issues of our exporters and enable them to enhance Pakistan’s exports.”

The announcement comes on the heels of a positive visit by Abdul Razak Dawood to the Gujranwala Chamber of Commerce and Industry (GCCI) last Friday, where he engaged in an interactive session with its members. During the visit, the Adviser acknowledged the progressive nature of GCCI, citing its diversified product range and substantial export activities.

Gujranwala, according to Dawood, holds immense potential to evolve into a major “Engineering Hub of Pakistan,” playing a pivotal role in the country’s economic development. The city’s industrial landscape, combined with its dynamic business community, positions it as a key player in shaping Pakistan’s economic future.

The financial support under the DLTL schemes is a targeted effort to address the liquidity challenges faced by exporters, particularly in the Textiles sector, which is a vital component of Pakistan’s economy. The infusion of Rs. 5.6 billion into the Textiles sector is expected to provide a much-needed boost, allowing businesses to navigate financial constraints and potentially expand their export capacities.

The Non-Textile sector, with an allocation of Rs. 400 million, will also benefit from the DLTL schemes. This injection of funds is anticipated to support industries beyond textiles, promoting a more comprehensive economic growth strategy.

Abdul Razak Dawood’s recognition of Gujranwala’s potential as an “Engineering Hub” reflects the government’s commitment to diversifying and strengthening Pakistan’s industrial landscape. By fostering the growth of specialized hubs, the administration aims to create a more resilient and dynamic economy, capable of withstanding global economic uncertainties.

The allocation of funds under the DLTL schemes aligns with the government’s broader agenda to promote exports and stimulate economic activity. As the global economy continues to recover from the impact of the COVID-19 pandemic, supporting local industries and exporters becomes paramount in sustaining and accelerating Pakistan’s economic growth.

The disbursement of Rs. 6 billion under the DLTL schemes is a positive step toward addressing liquidity challenges faced by industries, particularly in the Textiles sector. With a focus on bolstering key economic players like Gujranwala, the government aims to fortify Pakistan’s position as a competitive player in the international market while laying the groundwork for sustainable economic development.