Power breakdown causes Rs.16.1 billion loss to textile industry
After the nationwide power outage on Monday that lasted all day, the textile industry sustained a significant financial loss of $70 million, sources said on Tuesday.
Due to the National Grid’s interruption of the electrical supply to three provinces after the significant power loss, all industries nationwide were forced to shut down. The abrupt closure of the industry caused a financial hit to the nation of Rs100 billion.
According to sources within the All Pakistan Textile Mills Association (APTMA), the country’s textile industry lost $7 to $8 billion.
They continued by saying that the textile industry was already in a dire situation as a result of the inadequate policies of the previous administration, and the power outage made matters worse for the companies.
According to sources, the economic damage to the textile industry will reach billions of rupees if the government fails to guarantee a reliable power supply.