A Karachi-based textile unit has closed its doors to workers in the face of heavy taxes and electricity tariff hikes in the federal budget, signaling a possible major downturn in the country’s export industry.
It may be noted that as per the Business Recorder report, in a handout dated July 1, 2024, Naaz Textiles (Pvt) Ltd informed its workers to seek employment elsewhere as the company was facing heavy losses due to lack of orders. Facing.
The company handout also said that July 31 will be your last day and all your dues will be paid by August 10.
Sales of petroleum products across the country fell to an 18-year low
In this regard, Chief Coordinator of All Export Associations of Pakistan, Muhammad Javed Balwani, while confirming the closure of the factory, told Business Recorder that industrial production has decreased due to heavy taxes, increase in fuel, electricity and gas rates. .
Petroleum dealers’ announcement of postponing the strike, they stand by their demands, Chairman Pakistan Petroleum Dealers
Mohammad Javed Balwani expressed fears that more and more industrial units are going to suffer economic chaos in the country, while there is a possible decline in exports in the next six months, as several industries are closing their doors following completing their pre-budget export orders. Going to stop working.
He said that exporters and other entrepreneurs are also not satisfied with the current economic conditions.
#Heavy #taxes #electricity #rates #shut #major #textile #factory #Karachi #Business #Economy
2024-07-06 20:52:10
