Aptma demands cut in interest rate, power tariff

The All Pakistan Textile Mills Association (Aptma) has asked the government to reduce the interest rate to 12 per cent, the power tariff to 9 cents/kWh and restore the zero-rated regime to enable the industry to contribute to the national economy through exports, investment, and employment. “The industry is paying Rs240 billion in cross-subsidies and over Rs150bn in stranded cost. And the supply of electricity at 9 cents/kWh would generate over 300 megawatts in additional grid demand and Rs500bn in revenue,” said Aptma Central Chairman Asif Inam addressing a press conference on Tuesday. Flanked by Aptma North Chairman Kamran Arshad, Senior Vice-Chairman Asad Shafi and Secretary General North Mr Mohammad Raza Baqir, Inam also questioned the justification for a 22pc policy rate when inflation has slowed to 11.8pc. He said the government could save Rs3 trillion in interest payments by cutting down the rate.