Ginners seek ban on yarn import from India

KARACHI: Pakistan Cotton Ginners Association-South Zone on Thursday asked Prime Minister Muhammad Nawaz Sharif to impose a ban or tax on import of yarn from India as due to its duty free import, local cotton industry was ruining.

An emergency meeting of the association, held under chair of Senior Vice Chairman Prem Chund Kiatani, passed a resolution which appealed to the government to order TCP to buy the entire present stock of cotton and issue direction to banks to reschedule ginners loans.

According to current statistics of PCGA, there are 0.9 million bales of cotton in the stock of ginners and growers but no buyer is in the market due to which they are facing acute financial problems.

The association warned that if the situation remained same, growers would not opt to cultivate cotton next year which could lead to destruction of local cotton industry and unemployment of thousands of the people associated with it.

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