Mohammad Arshad Islamabad
The country’s large-scale manufacturing (LSM) grew by 9.1 per cent in January 2021 as compared to Jan 2020, Minister for Production and Industries Hammad Azhar revealed on Tuesday.
The sustained and robust growth in industry is expected to lift economic growth beyond earlier forecasts InshAllah, he tweeted.
The Large Scale Manufacturing Industries (LSMI) production grew by 9.13 percent on year-on-year basis during the month of January 2021 as compared to the corresponding month of last year, According to statistics released by Pakistan Bureau of Statistics (PBS) on Tuesday, the provisional quantum indices of Large Scale Manufacturing Industries (LSMI) for January 2021 with base year 2005-06 have been developed on the basis of latest data supplied by the source agencies.
The overall output of LSMI increased by 7.85% for July-January 2020-21 compared to JulyJanuary 2019-20. The LSMI output increased by 9.13% for Jan, 2021 compared to Jan, 2020 and 5.36% if compared to Dec 2020.
The production in July-January 2020-21 as compared to July-January 2019-20 has increased in Textile, Food, Beverages & Tobacco, Coke & Petroleum Products, Pharmaceuticals, Chemicals, Non Metallic Mineral Products, Automobiles and Fertilizers while it decreased in Electronics, Leather Products and Engineering Products.
The LSMI Quantum Index Number (QIM) was recorded at 175.15 points during January 2021 against 160.49 points during January 2020, showing positive growth of 9.13 percent.
During the first seven months of the current fiscal year, the overall production increased by 7.85 percent compared to the corresponding period of last fiscal year.
The industrial production during July-January (2020-21) was recorded at 147.22 points against the output of 136.49 points during July-January (2019-20).
The highest increase of 6.48 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 1.11 percent increase in indices monitored by the Provincial Board of Statistics and 0.26 percent increase in the products monitored by the Oil Companies Advisory Committee (OCAC) Meanwhile, on month-on-month basis, the industrial growth witnessed increase of 5.36 percent in January 2021 when compared with the indices of December 2020, the PBS data revealed.
Meanwhile, the major sectors that showed positive growth during July-January (2020-21) included textile (2.65%); food, beverages and tobacco (19.13%), coke and petroleum products (4.63%), pharmaceuticals (12.33%), chemicals (9.19%), non-metallic mineral products (22.31%), automobiles (13.02 %) and fertilizers (6.74%).