0.2 million power looms factories closed in Faisalabad

More than 2 lac power looms factories in Faisalabad have been closed on the call of Small Power Looms Assocoation against the increase in price of yarn and its export. Power looms factories owners said that due to increase by the government in export of yarn from 65 to 70 percent, it is short in the markets. Hundred pound bag of yarn was being sold in 6,000 rupees and it is not available in 9,500 rupees now. Due to this shortage, power looms factories are on the verge of collapse. They said that the factories would remain closed till the decrease in yarns export. Hundreds of thousands of laborers have been unemployed.