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HomeBusinessTextile sector suffers $70m loss after day-long power breakdown

Textile sector suffers $70m loss after day-long power breakdown

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Textile sector, power breakdown

LAHORE: The textile sector suffered a massive financial loss worth $70 million after the day-long countrywide power breakdown on Monday, ARY News reported on Tuesday.

Following the major power outage, industries across the country came to halt as the electricity supply to three provinces was cut from the National Grid.

The country suffered an overall Rs100 billion financial dent following the sudden closure of the industries.

READ: ENERGY MINISTER SUSPECTS ‘FOREIGN HAND’ IN COUNTRYWIDE POWER BREAKDOWN

Sources within the All Pakistan Textile Mills Association (APTMA) said that the textile sector suffered $7 to $8 billion loss across the country.

They added that the textile sector was already facing a severe crisis due to the ineffective policies of the incumbent government and the power outage increased the burden on the industries.

Sources said that the financial dent to the textile sector would be soared to billions of rupees if the government fails to provide an uninterrupted power supply.

READ: ALL GRID STATIONS ‘RESTORED’ AFTER MAJOR POWER OUTAGE, CLAIMS ENERGY MINISTRY

Not only the industries, but the countrywide power outage also restricted the Federal Board of Revenue (FBR) from collecting taxes worth $18 to $20 billion on a daily basis.

The extreme shortfall in electricity generation is said to be the major cause of the power breakdown that hit various parts of the country.

Power generation was lower than 7,000 megawatts on Monday morning, well-placed sources said.” There was upto 6,000 megawatts”.

“Hydel power generation in the country goes down to 90 per cent, while thermal power generation by 70 pct,” according to sources.

Prime Minister Shehbaz Sharif took notice of the countrywide power breakdown and ordered a high-level probe.

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