fbpx
  • Region
    • Pakistan
    • UAE
    • Saudi Arabia
    • Qatar
    • Bahrain
    • Oman
    • Kuwait
  • About
  • Press Kit
  • Media Pack
  • Contact
CEO Times
No Result
View All Result
Saturday, December 2, 2023
20 °c
Lahore
20 ° Sun
20 ° Mon
20 ° Tue
20 ° Wed
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • CouncilsJoin Now
  • Databank
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • CouncilsJoin Now
  • Databank
CEO Times
No Result
View All Result
Home Sector Textile

150 textile mills shut down in 5 months

18 December 2022
in Textile
Reading Time: 1 min read
Textile

The textile industry is experiencing a severe crisis as a result of soaring energy costs, as 150 textile factories have closed in the last five months.

According to the information, 150 textile spinning and weaving factories in the country have closed in the previous five months as a result of Pakistan’s worsening energy crisis, resulting in the unemployment of at least 2 million people.

While criticising the economic approach of the current administration, mill owners stated, “Under the current administration, production costs have increased by 100 percent.”

The proprietors complained about the increase in energy costs, stating, “During the previous government, electricity rates were 18 rupees; they are now 36 rupees, and the price of a litre of gasoline has risen from 150 rupees to 245 rupees.”

The mill owners reported that gas is unavailable to industries and import letters of credit (LCs) are not being issued, resulting in a lack of raw materials for the textile industry.

If the government does not take urgent action, further textile mills will be forced to close.

Related Posts

Textile

Pakistan exported textile products worth $5.941 billion in 4 months

18 November 2022
Pakistan’s Largest Textile Firm, Interloop Limited to Invest $300M in Upcoming 5 Years - Startup Pakistan

Pakistan’s Largest Textile Firm, Interloop Limited to Invest $300M in Upcoming 5 Years

2 May 2021

Qaleen raises angel investment to launch Pakistan’s first international luxury marketplace

2 February 2021
Next Post
Engro Corp Logo

Engro Corporation to buy back 70 million shares

ADVERTISEMENT

Copyright © 2023 CEO Times (SMC-Private) Limited

  • Privacy Policy
  • Terms & Conditions
  • Sitemap
No Result
View All Result
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • Councils
  • About
  • Contact
  • Media Pack

Copyright © 2023 CEO TIMES (SMC-Private) Limited