Dhaka, Dec. 28 -- The Bangladesh Textile Mills Association (BTMA) on Sunday warned that many textile mills are about to shut down due to faulty policy and economic meltdown.

The BTMA issued the warning from a press conference held at the Gulshan Club in Dhaka on Sunday. Speaking at the event, BTMA's present and former leaders emphasized that the US $22 billion industry is past the point of needing simple assistance; it now requires structural rescue measures.

They said that the sector has entered the "Intensive Care Unit" (ICU) and requires immediate, large-scale government intervention to survive.

Former president of BTMA Mohammad Ali Khokon pointed out that a combination of rising operational costs and a sudden spike in taxes has pus...