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Pakistan may not meet 10.5pc target for industrial production
ISLAMABAD — Pakistan is unlikely to achieve its 10.5 per cent growth target set for industrial production which rose by 6.9 only per cent in first five months of 2007-08.
The slump in manufacturing production was witnessed in November 2007, when it grew by a meager 4.74 per cent, the lowest growth recorded in any month of the past recorded history, suggest data of federal bureau of statistics (FBS) issued yesterday.
As the figures for month of December and January has not been compiled as yet but the worst energy crisis, reduced working days on the back of strikes has dampen the chances of any reverse in industrial growth in the last two months. The growth in industrial production had been steadily on decline for the last three years as it declined to 8.8 per cent in the year 2006-07 from 19.9 per cent in the year 2004-05 owing to capacity constraints and closer of many units as a result of high cost of doing business in the country.
Analysts said the steady dip in industrial growth will also affect its contribution in the over all GDP, which would make it difficult for the economic managers to achieve the GDP target. The GDP is worked out in the month of May. It would be very difficult to have that much growth in the next three months to recover the plummeting recorded in industrial growth to reach closer to the target.
As there is no industrial policy in the country except some product specific policies, the country is going to face the brunt of closing down of vulnerable industries to cheaper imports. And there is also no effective policy or facilities for encouraging small industries to diversify the narrow industrial base of the country.
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