November 23, 2024 05:04 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'Third World War has begun:' Ex-Ukraine military commander-in-chief Valery Zaluzhny | UK-India Free Trade Agreement negotiations to resume in early 2024 | UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant | Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma
Pakistan: Industries prepare for layoff, production cut
Pakistan Industries
Image: Unsplash

Pakistan: Industries prepare for layoff, production cut

| @indiablooms | 28 Feb 2023, 04:49 pm

Islamabad: Pakistan, a nation passing through the economic crisis, might witness a spike in layoffs and sharp decline in productive activities, media reports said.

“At least one million informal workers – mostly from the textile sector – are likely to lose their jobs,” Secretary General of the National Trade Union Federation Pakistan (NTUF) Nasir Mansoor told The News International.

Pakistan is considered as one of the key  exporters of textile products.

A financial blow to the sector is hurting the nation's workforce.

There has been a 14.8 per cent decline in Pakistan’s textile exports, according to data released by the Pakistan Bureau of Statistics (PBS). The country’s exports stood at $1.3 billion in January 2023; it had recorded textile exports of $1.5 billion last January. On a month-over-month (MoM) basis, the country had reported a decline of 2.5 per cent.

“The 2022 floods washed away at least 45 per cent of our cotton crop, leaving textile mills without an essential raw material. The other solution is to import raw material, but delays in LCs [letters of credit] opening have brought all operations to a halt,” Mansoor explains why Pakistan is lagging behind.

The Pakistan Association of Automotive Parts & Accessories Manufacturers also shared that around 25,000-30,000 workers in the auto sector had lost their jobs due to an unabated drop in annual sales, reports The News International.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia 22 Mar 2023, 02:56 pm
Related Videos