LSM growth increases by 15pc; breaks 10-year record: Khusro

Author: Monitoring Desk

Minister for Industries Khusro Bakhtyar on Friday said that the country’s Large Scale Manufacturing (LSM) industries growth increased by 15 percent in fiscal year (FY) 2020-21 which was the highest score in 10 years.

Addressing the press conference, he said that due to COVID-19 outbreak, manufacturing and production sectors were badly affected around the globe and in Pakistan as well.

He said that keeping in view the higher LSM growth, the country’s gross domestic product (GDP) growth was expected to go up to 4.5 percent as compared to previous year 3.7 percent.

Khusro said that Karachi was the main hub of economy, therefore, it was decided to build the largest information technology park in the premises of Pakistan Steel Mills.

The minister said that the new industrial sectors would be introduced for enhancing exports and substituting imports of the country.

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