Industry driving Pakistan’s Economic growth, says Azhar after LSMI output increase
- "At a time when the global economy is in a deep recession, Industry is driving economic growth and recovery in Pakistan,” said Azhar
Expressing delight over the latest Large Scale Manufacturing Industries (LSMI) figures, Federal Minister for Industries and Production Hammad Azhar has said that Industry is driving Pakistan’s economic growth amid the global COVID-19 pandemic.
“Large Scale Manufacturing grew by 5.46pc in Jul-Oct period. At a time when the global economy is in a deep recession, Industry is driving economic growth and recovery in Pakistan,” said Azhar in a tweet post on Tuesday.
The statement comes after the release of provisional Quantum Index Numbers (QIM) of Large Scale Manufacturing Industries by the Pakistan Bureau of Statistics (PBS). Under the latest figures, the LSMI output increased by 6.66 percent for October 2020 compared to October 2019 and 3.95pc if compared to September 2020.
Meanwhile, the overall output of LSMI increased by 5.46 percent for July-October 2020-21 as compared to July-October 2019-20.
The production in July-October 2020-21 as compared to July-October 2019-20 has increased in Textile, Food, Beverages & Tobacco, Coke & Petroleum Products, Pharmaceuticals, Chemicals, Non-Metallic Mineral Products, Fertilizers, and Paper & Paperboard while it decreased in Automobiles, Iron & Steel Products, Electronics, and Leather Products.
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