The overall output of large-scale manufacturing industries (LSMI) has increased by 7.85 percent in the first seven months of the fiscal year 2021 (July 2020 to January 2021) compared to the same period last year.
Read More: Pakistan’s airline industry: Is its fate finally destined to change?
According to the data released by the Pakistan Bureau of Statistics (PBS) on Tuesday, the LSMI output increased 9.13% for January 2021 Year-on-Year (YoY) and 5.36 percent month-on-month (MoM).
Minister of Industries Hammad Azhar went on Twitter said, “The sustained and robust growth in the industry is expected to lift economic growth beyond earlier forecasts.”
Speaking to Media, Minister for Science and Technology Mr. Fawad Choudhary said that, out of 85, 51 state-owned industries are in profit.
The LSM index touched its second-highest level of 175.15 earlier in January. Previously, it touched a high of 175.17 in March 2018, Topline Securities research highlighted.
LSMI Quantum Index Number (QIM) was recorded at 147.22 points during July-Jan 2020-2021 against 136.49 points during the same period of the preceding year. The LSM data released by the PBS after collecting it from the Provincial Bureau of Statistics (BOS), the Oil Companies Advisory Council (OCAC), and the Ministry of Industries showed that the OCAC recorded month-on-month growth of negative -12.37 percent in January 2021 against the previous month, and positive 2.33 percent change was recorded year-on-year in January 2021 against January 2020.
Production in the first seven months of FY 2021, as compared to the same period last year, has increased in several sectors including textile, food, beverages, tobacco, petroleum products, pharmaceuticals, chemicals, non-metallic mineral products, automobiles, and fertilizers.
The Highest YoY growth was seen in the Food, Beverages and Tobacco sector, while the greatest percentage decline compared to last year was seen in the Electronics and Leather sectors.
Read More: Pakistan steel industry asks government for “breathing room”: PALSP
It has decreased in some sectors such as electronics, leather products, and engineering products.