PRGMEA urges PM for forensic audit of yarn producers to break cotton cartel

Staff Reporter

The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has appealed Prime Minister Imran Khan to issue directives for the forensic audit of the yarn producers to break cartel of cotton mafia in line with the actions taken by the PTI government against sugar lobby because cotton mafia has so far proved to be stronger than the sugar mafia in the country.

In an open letter to the PM, it was pointed out that the textile manufacturers have increased the rates of yarn by more than 40% in a very short span, creating artificial shortage on the excuse of lower production of cotton in the country despite declining prices of cotton in the international market, hitting the apparel sector exports badly.

Central Chairman PRGMEA Sohail Sheikh said that the Imran Khan’s government will have to take serious steps to break the textile industry cartel, giving it strong message that no cartelization would be allowed to manipulate prices in future and if they commit such crime they have to face the full brunt of law.

He asked the Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA) to conduct raids on the warehouses of yarn dealers who have been hoarding a huge quantity of yarn to create artificial shortage and manipulate the rates in connivance with the manufacturers.—INP