LAHORE: The textile industry has suffered a huge economic loss of $70 million following the day-long power cut across the country on Monday, ARY News reported on Tuesday.
Following the major blackout, industries across the country came to a standstill as power supply to three provinces was cut off by the National Grid.
The country suffered a total financial crisis of Rs 100 billion after the sudden shutdown of industries.
Sources from the All Pakistan Textile Mills Association (APTMA) said the textile industry suffered a loss of $7 billion to $8 billion across the country.
They added that the textile sector was already facing a severe crisis due to the ineffective policies of the existing government and the power cut increased the burden on the industries.
Sources said the economic hit to the textile sector would soar to billions of rupees if the government does not provide uninterrupted power supply.
Not only the industries, the countrywide power outage also restricted the Federal Board of Revenue (FBR) from collecting taxes worth $18 billion to $20 billion on a daily basis.
The extreme shortfall in power generation is said to be the main cause of the blackout that hit various parts of the country.
Power generation was below 7,000 megawatts on Monday morning, well-placed sources said. There were up to 6,000 megawatts.”
“Hydel power generation in the country is down to 90 percent, while thermal power generation is down by 70 percent,” according to sources.
Prime Minister Shehbaz Sharif took cognizance of the countrywide power outage and ordered a high-level inquiry.