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.