Pakistan's Industrial growth increases by 130%
Pakistan Times Business & Commerce Desk

ISLAMABAD: The annual growth of the manufacturing and industrial sector has significantly increased by 130 % during 2003-04 against the target of 7 % fixed for the last fiscal.

According to sources the government had fixed manufacturing growth target of 7 % for the last fiscal but the country has not only achieved the target but also reached to 16.13 % during the same year. This shows that the economy of the country is moving to the right directions and all the indicators are positive.

Giving reasons of this double digit increase in the manufacturing and industrial sector was due to investment in the country, revival of sick units, investment by the overseas Pakistanis in various sectors particularly in the housing and construction industry.

The other reason of the increase was efforts of the Ministry of Industries during the year, which played a major role to facilitate the investors and tried to resolve maximum of their problems. The meetings of the Minister with the industrial and manufacturing stakeholders restored the confidence of them on government and the economic policies of the government, they added.

The sources further added that the ratio of manufacturing and industrial sector in the GDP is 17.1 % and increase in the growth would help to increase in the GDP and the prosperity of the people. During the year 2003-04, the growth of sugar, jute goods, paper and board, fertilizer, glass sheet, iron and steel products and auto sector was high.

The country will achieve the target for the current fiscal set by the government during the budget 2004-05. The government has also changed the base year from 1980-81 and now the production trend will be finalized on the basis of 1999-2000.●