Industrial growth has accelerated because of economic recovery gathering pace: Asad Umar

December 15, 2020 (MLN): The overall output of LSMI increased by 5.46% for July-October 2020-21 compared to July-October 2019-20.

The LSMI output increased by 6.66% for Oct, 2020 compared to Oct, 2019 and 3.95% if compared to September 2020. Month-wise trend of QIM from Sep, 2018 to Oct, 2020 is given in the following graph:-

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.

Talking about the abovementioned achievement, the Federal Minister for Planning, Development, Reforms and Special Initiatives, Asad Umar, said that the industrial growth had accelerated because of economic recovery gathering pace.

Taking to his twitter handle to make the announcement, he further said that the Large Scale Manufacturing had grown by 5.46% from July to October 2020 vs same period of last year. Growth in October was even higher at 6.66% vs October last year.

The same was reiterated by Federal Minister of Industries and Production, Hammad Azhar, who also said that at a time when the global economy is in a deep recession, industry is driving economic growth and recovery in Pakistan.

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