Our Correspondent Lahore
Chairman Pakistan Industrial and Traders Association (PIAF), Mian Nauman Kabir said the government has to formulate long-term and consistent policies for the revival of industry and considerable improvement in exports, as contrary to regional countries, Pakistan’s exports have remained stagnant for a long time, and unless attention was paid to all factors that hamper industrial and exports growth, the country might not be able to achieve desired results.
He expressed the hope that present trend of positive growth in large-scale manufacturing (LSM) will help achieve the annual economic growth target, besides creating jobs for skilled and unskilled workers.
PIAF Chairman, in a joint statement with vice chairman Javed Siddiqi on Friday, observed that the output of Pakistan’s large industries increased 7.4% in the first five months of current fiscal year on the back of a sustained growth momentum for the third successive month, which is a ray of hope for economic revival.
Mian Nauman Kabir said that the Large-Scale Manufacturing sector registered a cumulative growth of 7.4% in July-Nov of current fiscal year, but industry has not yet achieved the production levels seen before the first wave of the coronavirus hit the country in late Feb last year.
He said that industrial production after suffering months of damage inflicted by the corona pandemic mainly in the construction, sugar, automobile, and pharmaceutical sectors is now clearly reflecting a revival in economic activities in the country.
For the current fiscal year the government had set the economic growth target at 2 percent, which will be better in the current economic situation but is not enough to create jobs for a growing population, he added.
