Industrial output

According to some media reports, large-scale manufacturing (LSM) growth contracted 3.64 percent during the last fiscal year of 2018/19, the first annual contraction in a decade – as all the main industries saw sharp decline in production. LSM growth was in negative of 4.2 percent in 2008/09. The growth target was set at 8.1 percent for FY2019. The sector that accounts for 80 percent of aggregate industrial outputs grew 5.28 percent in 2017-18. Contraction in LSM growth reflected in fall in overall economic growth at 3.3 percent during the last fiscal year compared with a decade high of 5.5 percent in the preceding fiscal year. The real GDP growth is expected in the range of 3.5 to 4 percent in the current fiscal year.It merits a mention that LSM output decreased by 5.05 percent for June 2019 compared to the corresponding month of last year. It fell 8.5 percent in June if compared to the preceding month. In view of the above, there is a strong need not only to arrest the declining trend in industrial output in the country, but to reinvigorate efforts for increasing industrial output which will pave the way for higher exports to earn the much needed foreign exchange for the country.Khan FarazPeshawar

from The News International - Newspost https://ift.tt/2HzhrUL