to be used in the farm sector. In 1948 the government declared the private sector for investment. Pakistan is facing the deficit of $ 8.3 billion in its balance of payment during 2010-11. With developed industrial sector we cannot only produce substitute of imported goods but we can export them to other countries. Increased Production will expand the scale of production with the result cost of production will be decreased and the profit will be increased for the business people. The PLGMEA chairman called encouraging the steps taken by PM Imran for industrial development. If India and Pakistan can break a lot of economic and non-economic barriers, Pakistan will be put on India’s growth rate. FAISALABAD, (UrduPoint / Pakistan Point News - 18th Aug, 2020 ) :Faisalabad Industrial Estate Development & Management Company (FIEDMC) Chairman Mian Kashif Ashfaq has said that Pakistan Tehreek-e-Insaf government had taken record steps for development and improvement of industrial sector during the first two years of its tenure. Ph: +92 51 2287273 Islamabad, Ph: +92 21 35381208-9 Karachi The government of Pakistan has taken various steps to promote industrial growth in the country. The government of Pakistan has taken unprecedented steps to counter the effects of COVID-19 crisis, but is unclear if these will be enough given the challenges facing the country prior to the pandemic. Pakistan's industrial sector accounts for about 64% of GDP. Governments should attract foreign investment by giving maximum facilities to foreign investors. There is a demand of finished products within and outside the country. If we study the history of economic development we find that the growth in national income and per capita income has been accompanied by a relative decline in their dependence on agriculture. In this connection, an agreement had been signed with Qatar to procure gas at the rate of Rs 12.75 MMBtu, he added. The division of work increases the marginal value product of labor. With increase in industrial production we can supply goods to far-off places and to other countries and extend market which may help in economic development. A nation which depends upon the production and export of raw material alone cannot compete the industrial nations. Ph: +92 42 36375963-5 Fax: 042-36298302 Addressing a meeting of Pakistan Yarn Merchants Association (PYMA), the minister said the government had taken a number of steps aimed at benefitting the industrial sector. Industrial Sector also meets national Defense requirement. Pakistan Industrial Technical Assistance Centre (PITAC) was established in 1956. It has increased the income of the people and there is no need to export the raw material. The use of advanced technology increases the scale of production, reduces cost of production. The majority of Pakistan's industrial sectors, for example fishing and agriculture, which count for more than one fourth of the output and two fifths of employment in Pakistan, are highly dependent on the country's natural resources. IMG Consultants, 1988, Industrial efficiency improvement and development strat- egy, Prepared for Government of Pakistan, Pakistan. Governments Should Promote saving Culture in the Country by introducing different attractive schemes to public of country. 2. 10 April 2020 The Asian Development Bank (ADB) has repurposed $50 million from Pakistan's National Disaster Risk Management Fund (NDRMF) to support the government of Pakistan's preventive and response efforts to fight the outbreak of the novel coronavirus (COVID-19) in the country. The construction of a transistor radio plant develops the small battery industry. The income of the labor, due to higher productivity increases. Long Term steps (July 2009-June, 2025) Responsibility Phase 2 (1958-1969): 1. Developed industrial sector can absorb millions of unemployed which will increase not only the income level but also the standard of living. We write simple, Stress-free language to understand articles. Regional trade can be a potential driver for growth. The construction of milk processing plants adds to its line of production ice cream. Following steps should be taken by government to boost up industrial development in Pakistan. Governments should charge Minimum taxes from industrialists to attract them towards investment in industry. Increase in production will increase the national income. RECOMMENDATIONS. Pakistan has a bicameral … Check Also: CSS Pakistan Affairs Notes | Natural Resources of Pakistan, Development of one industry leads to the development and expansion of other industries. The broad outline of government policy in the 1950s and early 1960s involved squeezing the peasants and workers to finance industrial development. Cotton and cotton-based products account for 61% of export earnings of Pakistan. Importance of Industrial Sector in Pakistan or Role of Industrial Sector In economic Development Increase in National Income: Industrial sector also contributes in gross domestic product (GDP) of country According to year 2004-05 the contribution of industrial sector in GDP is 18.3 Percent. New roads, dams, buildings and parks are constructed. Industrialization eliminates dependence on agriculture only. and Z. Alvi, 1975, Effect of 1972 devaluation on Pakistan's balance of trade, Pakistan Development Review. Government of Pakistan, Finance Division, Economic Advisor's Wing, Economic Survey, various issues. Because it provides fertilizers pesticides, seeds, machinery etc., agricultural sector these things promotes agricultural development Industrialization provides machinery like tractors, thrashers, harvesters, bulldozers, aerial spray etc. One of the major objectives in all the five year plans of Pakistan is to improve the balance of payments position by (1) increasing export and (2) production of import substitution goods in the country.The twin objectives of promoting export orientation and import … full term by an elected government. Kemal, A.R. Hence, in order to sustain economic growth there is a high demand on already … The increase in the income of the farmers has given boost to economic development in the country. 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With a growing middle class, and an affinity for UK expertise, products and brands, there are good opportunities to increase UK exports of goods and services in this unsaturated and rapidly growing market. So in this ways this sector increases national GDP. Modem defense cannot be put on a sound footing unless its basic needs are met from within the country itself and these basic needs are mainly supplied by modem industry, in the present times it have become more important as we surrounded by enemies. Cotton textile production and apparel manufacturing are Pakistan's largest industries, accounting for about 65% of the merchandise exports and almost 40% of the employed labour force. Pakistan is amongst the 180+ countries dealing with the coronavirus pandemic. We should establish every type of industry in every line so that we will be able to produce every product in our country and in this way we can minimize imports. full term by an elected government. Controversial Industrial development strategies. These include measures to reduce non-productive expenditure and raise The voluntary savings stimulate industrial growth and by cumulative effect lead to further expansion of industry. The industrial production can be expanded or cut down according to the price, cost and demand of the product. It enhances their capacity to save. The new government, elected with a mandate to fix and reform Pakistan’s economy and make it one of the leading economies in Asia, has taken several immediate steps to arrest economic decline and stagnation. Cone cream plants, etc…. There are now clear warnings of a global economic recession as […] Our Country should establish labor intensive industries instead of capital intensive industries because we have cheap labor and shortage of capital. Since gaining independence from Britain in 1947, the development of sustainable agriculture in Pakistan has greatly improved. Arif Nizami (Editor) Efforts have also been accelerated to bring down sales tax ratio at the rate of 15 per cent from 17 per cent,” he said. CSSTimes.pk delivers free CSS online direction, approaches, books, online study-materials with an idea that no aspirant should be left out of FPSC exam competition due to Inaccessibility to costly CSS coaching centers. The government of Pakistan has taken unprecedented steps to counter the effects of COVID-19 crisis, but is unclear if these will be enough given the challenges facing the country prior to the pandemic. It helps in increasing the export of manufactured goods and thus earns foreign exchange. The country is surrounded by resource rich countries and it should take advantage of the complementarities that can arise in through the labor market, or through trade. But due to shortage of foreign exchange, we cannot import such items to make rapid economic development. Government should establish maximum industrial cities and zones where every facility should be provided to industrialists easily and at low rates. Our country is developing country and we should establish small and medium enterprises (SME) Instead of large scale industries because we have less finance to run large scale industry. Industrialization increases the income of the workers. Industrial sector earns a good amount of foreign exchange for the country which is used for repairing national debt and for imp0rtant of machinery etc. The income of worker in the industrial sector is therefore, higher than that of a worker in agricultural sector. A comprehensive strategy had also been evolved to increase cotton production in the country and the government would provide the maximum incentives to cotton growers, besides lessening their levies burden, he added. July, 2006 onwards. Kemal, A.R. People through the adoption of family planning measures, reduce the rate of population growth. Importance of Industrial Sector in Pakistan or Role of Industrial Sector In economic Development Increase in National Income: Industrial sector also contributes in gross domestic product (GDP) of country According to year 2004-05 the contribution of industrial sector in GDP is 18.3 Percent. 2 By giving them loans and credit facilities. and Z. Alvi, 1975, Effect of 1972 devaluation on Pakistan's balance of trade, Pakistan Development Review. On the other hand the processing of raw material at home curtails the import of goods and thereby helps in conserving foreign exchange. Talking to APP on … Pakistan is a developing country and there population growth rate is 1.573% in 2011, but the rate of increase in G.N.P is relatively low, therefore, there is general unemployment (25 %) in 2009, and disguised unemployment is increase in agriculture sector. But due to shortage of foreign exchange, we cannot import such items to make rapid economic development. Industrial sector increases revenue of Government because industrial sector pays different type of taxes to government like. UK-Pakistan bilateral trade in 2017 was £2.9 billion. The rise in income raises the living standard of the people. In an agrarian country people in general are illiterate. For instance. Agriculture currently employs 47 percent of the country’s labor force and comprises 24 percent of its GDP.. Now, in 2018, the country is self-sufficient agriculturally and exports large quantities of wheat, milk, rice and cotton for profit; … Since independence , our government has realized the importance of the industrial sector . 4-Shaarey Fatima Jinnah, Lahore What steps can be taken for the increase of industrial development in Pakistan Pakistan is an under-developed country there prevails poverty among the people. Technology, including the IT industry, in Pakistan has enormous potential for growth. The export of goods provides foreign exchange. 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