ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) ex-president and Businessmen Panel Chairman Mian Anjum Nisar has expressed the hope that the positive growth in large-scale manufacturing (LSM) will help achieve the annual economic growth target, besides creating jobs if the trend continues in coming months.
Mian Anjum Nisar was addressing a meeting held to discuss the trade and industry’s problems and their solutions. The meeting was also attended by the Businessmen Panel leadership, including FPCCI President Nasir Hayat Magun, FPCCI senior vice president Shahzeb Akram, PIAF Chairman Mian Nauman Kabir and LCCI former president Irfan Iqbal Sheikh. The BMP leadership in the meeting pledged to continue its efforts for the cause of the business community through the FPCCI platform.
Mian Anjum Nisar observed that the output of Pakistan’s large industries increased 7.4% in the first five months of current fiscal year on the back of a sustained growth momentum for the third successive month, which is a ray of hope for economic revival.
The FPCCI’s ruling group chairman said that the Large-Scale Manufacturing sector registered a cumulative growth of 7.4% in July-Nov of current fiscal year, but industry has not yet achieved the production levels seen before the first wave of the coronavirus hit the country in late Feb last year.
He said that industrial production after suffering months of damage inflicted by the corona pandemic mainly in the construction, sugar, automobile, and pharmaceutical sectors is now clearly reflecting a revival in economic activities in the country.
For the current fiscal year, the government had set the economic growth target at 2.1 percent, which will be better in the current economic situation but is not enough to create jobs for a growing population.