All Pakistan Textile Mills Association (APTMA) chairman S M Tanveer has said that the government’s intervention to the Free Market Mechanism (FMM) is imprudent as there is a move to procure seed cotton (phutti) equivalent to one million bales at the support price of Rs 3,000 per 40kg.
He was addressing a press conference at the APTMA Punjab office on Friday. APTMA Punjab Chairman Seth Muhammad Akbar, Aamir Fayyaz and Ali Pervez were also present on the occasion.
He said the cost of production for cotton growers was very high as the price of urea had been increased by Rs 150 per bag and diesel prices had been jacked up by 45 percent. It has put the cotton farmers into trouble.
He recalled that the Trading Corporation of Pakistan had procured cotton seed last year and incurred a loss of one billion rupees. “An independent inquiry should be made that why the corporation has incurred such a huge loss last year,” he added.
