Pakistan reversing deindustrialization tide amid strong LSM growth: Azhar

Amid strong growth in the Large Scale Manufacturing (LSM) sector, Federal Minister for Industries and Production Hammad Azhar has said that the country is reversing the deindustrialization tide.

“LSM has posted a growth of more than 14 percent in November compared to same time last year,” said Hammad. “Pakistan is successfully reversing the tide of deindustrialisation that began in 2008. Capacity enhancements, new investments and modernisations are already in play,” he added.

This comes after Federal Minister for Planning, Development and Special Initiatives, Asad Umar Tuesday said that Pakistan’s Large Scale Manufacturing (LSM) grew by 14.5 percent in November 2020 as compared to the same month in 2019. In a Twitter statement, Asad Umar said that 7.4 percent LSM growth was witnessed from July to November 2020.

“Industrial growth is clearly accelerating,” the minister wrote.