The overall increase has been seen in the Large Scale Manufacturing (LSM) sector by 14.85 percent during 2020-21 (FY21) against the previous fiscal year.
According to the report, released by the Pakistan Bureau of Statistics which was compiled with the help of provincial bureaus of statistics, the Oil Companies Advisory Council and the Ministry of Industries show that the Large Scale Manufacturing (LSM) increased by 14.85 percent during the outgoing fiscal year.
Almost the production of all the big sectors including textile, automobile, cement, sugar, iron and steel, fertilizer and petroleum, food and beverages, pharmaceuticals and chemicals went up. The performance of certain sectors of the economy such as food, engineering, electronics, rubber, and leather was witnessed in the downward direction.
The increase of textile sector was 15.31 pc in the total growth of Large Scale Manufacturing (LSM), the share of food, beverages, and tobacco was 11.01pc, the share of coke and petroleum was 18.05 pc, the contribution of pharmaceutical was 12.03pc, the share of chemical was 19.19 pc, the contribution of the automobile was 51.06 pc, the share of non-metallic mineral products was 26.66 pc, the contribution of fertilizer was 7.23 pc, the share of paper and board was 3.35 pc and the contribution of Iron and steel products in the total growth of LSM was 15.58 pc.
LSM sector growth hits 16-year high in FY21
Moreover, there was a reduction by 4.43 pc in electronics, the engineering sectors witnessed a decrease of 15.37pc, the leather sector went down by 26.45pc, and the wood products witnessed a decline of 39.35pc and the production of rubber products decrease by 14.99pc during the outgoing fiscal year as compared to the performance of these sectors in the fiscal year 2019-20.
Meanwhile, the production of sugar was 5.69 million tons in 2020-21 as compared to 4.88 million tons in 2019-20 which was an enhancement by 16.66pc. The production of Petroleum products was 14.32 billion liters as compared to 12.13 billion liters as such, the growth of this sector was by 18.05pc. The growth of the cement sector was by 27.31pc to 49.80 billion tons.
The growth in the production of the tractor was by 54.83pc and the growth in the manufacturing of motorcycles was by 36.53pc in 2020-21 as compared to the fiscal year 2019-20.