Islamabad: According to a recent report published by the Pakistan Bureau of Statistics (PBS) on Tuesday the 12th of January, the Large Scale Manufacturing (LSM) has grown by 14.5% in November of 2020.
When compared to the statistics in October 2020, to November 2019, where the LSM had only grown 1.35%. As per the information and data are given out the LSM index has increased by 7.41% during the five months (July-November) 2020-2021 as compared to July-November 2019-2020.
The increase in these 5 months is due to the textile, food, beverages, petroleum products, pharmaceuticals, chemicals, non-metallic mineral products, automobiles, fertilizers, and other production industries and companies.
After the industries had reopened and functioned after the Covid-19 lockdown, there was significant growth in the workload and percentage growth.
Even with such immense growth, there were still some industries where there was a major decline. This included the wood and leather industry by 65% and 43% respectively.
Large Scale Manufacturing (LSM) consists of 80% of the total manufacturing of the country. In comparison, small-scale manufacturing accounts for just 1.8% of the gross domestic product (GDP) and 13.7% in manufacturing.
According to the Minister of Planning, Development and Special Initiatives, “Industrial Growth is accelerating in the country”. The minister also stated how the highest growth of big industries was witnessed in November of the previous year.
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