By: Gul Sfroz Soomro
Undoubtedly, the signs of reversal and recovery of the country’s long-running industrial sector should be hailed as a good omen for the national economy. The report of the Bureau of Statistics for the first half of the current financial year, July-December, is very promising in this regard. According to the report, large-scale manufacturing grew by 8.16 per cent during the period, compared to double digits in the last half of the month, December. The 11.4% increase in large-scale goods manufacturing recorded in December is the highest in the last ten years. This extraordinary improvement in the manufacturing sector is mainly the result of the performance of the automobile and cement industries. In November, the year-on-year growth in large-scale goods manufacturing was 14.5 percent. According to Industry Minister Hamad Azhar, this encouraging situation indicates that the effects of the negative policies adopted in the country since 2008 are fading and the industrial sector is now playing a leading role in reviving the national economy. Is. According to him, in addition to new investments in large-scale manufacturing, modern methods are also being used, so further improvements are expected in the future.
Is. Planning Minister Asad Umran has clarified that the revival of the industrial sector began at the beginning of the new financial year after the decline caused by Corona. The construction, textile, food, chemicals, non-ferrous mineral products, automobile and pharmaceutical sectors are showing signs of revival and these industries are now on the path of steady growth. The latest half-yearly report of the Bureau of Statistics examines 10 of the 15 sectors of large-scale manufacturing. The report also expects further improvement in economic activity due to the reduction in interest rates and the reduction in duties on raw materials, which is certainly understandable. In terms of sectors, under the advisory committee of oil companies, production of 11 items increased by 23.91 per cent year-on-year during December. Production of 36 items under the Ministry of Industries and Production increased by 13.6 per cent, while production of 65 items reported by the Provincial Bureau of Statistics increased by 2.89 per cent. Large-scale manufacturing represents about 80% of the country’s total manufacturing. It accounts for about 10.7% of GDP. In comparison, small-scale industry accounts for only 1.8% of GDP. Excluding trucks and buses within the automobile sector, sub-sectors grew significantly in December compared to a year earlier, according to the statistics agency. Last December, production of tractors increased by 437.26 per cent, jeeps and cars by 44.26 per cent, LCVs by 237.18 per cent and motorcycles by 23.66 per cent over a year ago. Cement production also increased by 18.56% during the month due to commencement of construction activities. With the start of the sugar crushing season, sugar production increased by 210 per cent in December as compared to a year ago, while petroleum products declined by 11.63 per cent. These large-scale manufacturing figures are clear evidence of the revival of the country’s industrial sector. In order to speed up this process, it is necessary to continue the right policies and pay close attention to the agricultural sector.