Make-in-Pakistan Policy showing results, says Dawood as LSMI improves

Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood has said that the government’s “Make-in-Pakistan” Policy has now started showing results, as Large-Scale Manufacturing showed significant improvement.

“The industrial growth has accelerated to a 22-month high despite the COVID pandemic,” said Dawood.

The overall output of Large-Scale Manufacturing Index (LSMI) increased by 8.16 percent for Jul-Dec 2020-21 as compared to Jul-Dec 2019-20. For Dec-2020, the LSMI output increased by 11.40pc compared to Dec-2019.

The production in July-December 2020-21 as compared to July-December 2019-20 has increased in textile, food, beverages and tobacco, coke and petroleum products, pharmaceuticals, chemicals, non-metallic mineral products, automobiles, fertilizers, paper and board and rubber products, while it decreased in iron and steel products, electronics, leather products, engineering products and wood products.

The advisor was of the view that the growth in the industrial output will not only lead to job creation but it will also contribute to increase in our exports.

Textile, the top contributing sector to the overall big industry output, increased by 2.61 percent, food, beverages and tobacco 20.22 percent, coke and petroleum products 5.01 percent, pharmaceuticals 13.11 percent, chemicals 10.68 percent, automobiles 11.23 percent, non-metallic mineral products 20.07 percent, paper and board 10.42 percent, fertilizers 7.40 percent, and rubber products 2.02 percent during July-December 2020-21 compared to the same period last year.

The sectors showing decline during July-December 2020-21 compared to July-December 2019-20 included iron and steel products output declined by 1.16 percent, electronics 20.87 percent, engineering products 31.36, leather products 42.65 percent, and wood products 60.13 percent.