Textile Companies Lost Rs. 16.1 Billion in a Day

Pakistan’s textile sector incurred roughly Rs. 16.1 billion ($70 million) in losses due to a stoppage of industrial activities amid a major power breakdown on Monday that left the country in the dark for more than 18 hours. The All Pakistan Textile Mills Association (APTMA) officials claimed that the textile sector suffered greatly because of the power outage, with textile companies unable to complete orders worth $1.5-2 billion during the blackout. Officials said the textile community has zero sympathies for the government at the moment as the economic losses incurred due to the industry’s inability to take care of export orders yesterday are weighing heavily on all producers. The industry representatives complained that textile units across the country had to be shut down in the wake of a total blackout on Monday. The industry reps were of the impression that the industrial sector cannot function under such extreme conditions because concerns of sovereign default have been increasing while the government appears to be asleep at the wheel. They said the country is in the middle of a dollar crisis and the economy is facing an emergency-like situation, which can only be overcome by promoting exports.