FAISALABAD - The newly unveiled budget is packed with wrong allocation of funds and misplacement of priorities. Budget-makers have failed to grasp the major irritations besetting the economy and evolve appropriate strategy for their solutions, said Pakistan Textile Exporters Association Chairman Rana Arif Tauseef on Saturday.

Addressing a press conference, he welcomed but termed insufficient and misappropriate use of suggestions to steer the textile sector out the prevailing crisis. The PTEA chief said that he was once again sending recommendations to the parliamentarians for consideration during the debate on the federal budget. He said that three main points were identified including energy crisis, immediate payment of duty drawbacks and exemption of exports from withholding tax. He pointed out that though the government had touched all these issues it failed to resolve any of these on permanent basis.

The PTEA chief claimed that the textile exporters had demanded Rs30 billion for drawback refund but, instead, the government allocated the amount for export development fund which was very disturbing. “The export development fund is paid by the exporters but instead of spending it to mitigate the sufferings of textile sector the amount is doled out to the Trade Development Authority to conduct foreign tours and hold exhibitions,” Arif Tauseef argued.

The PTEA chief also forewarned of impeding gas crisis which, he said, would grip the country within next 3 months as the government had failed to take any viable step to ensure uninterrupted gas supply to this foreign exchange earning sector.

He also expressed his dismay over insufficient allocation of Rs183 billion to overcome the electricity loadshedding and demanded that at least Rs500 billion should be injected to resolve the power short fall.

Regarding withholding tax, the PTEA chairman claimed that the government accepted their demand and proposed 0.5 percent cut in tax on turnover. However, withholding tax should be done with on exports.

Pakistan Hosiery Manufacturers Association Vice Chairman Qamar Aftab, All Pakistan Bedsheets & Upholstry Manufacturers Association Vice Chairman Imran Mehmood, Ahmad Kamal, Sh Mukhtar Ahmad and former PTEA chief Mian Zahid Aslam were also present on the occasion.