The Ministry of Industries, Production and Special Initiative has failed to finalise the draft of country's maiden industrial policy after one year of its circulation to the stakeholders and putting it on the official web site of the ministry for comments.
The draft report entitled, "Toward a prosperous Pakistan: A strategy for Rapid Industrial Growth" was prepared by a team of renowned World Bank experts who handed it over to the ministry in February last year for its implementation, but despite the lapse of one year, it (ministry) failed in its finalisation, sources in the ministry told Business Recorder on Tuesday.
They said although the ministry has given a detailed presentation to Prime Minister Shaukat Aziz on the draft of industrial policy, but the officials have no clue that how much time would be required in its implementation.
A long-term industrial policy with the support of all stakeholders to 'avoid sudden business shocks' is the dire need of the sector, warned the industrialist advising the government to urgently formulate a new long-term industrial policy to attract sizable local and foreign investments.
The ministry is working on an ad hoc policy, and even lacks spokesman from whom one could get the viewpoint of the ministry on issues of such national importance. The Investment joint secretary was working on deputation in the Earthquake Rehabilitation and Reconstruction Authority (ERRA).
The performance of industries particularly in the engineering sector is dismal as it only contributed $10.13 million in January, showing a decrease of 30 percent when compared with the same period last year.