January 27, 2021

importance of industrial sector in pakistan slideshare

Gul Ahmed is the best textile industry in Pakistan it is one of the oldest and most famous brand in Pakistan and also lots of other countries in the world it also do the garment export. Tweet. Syed Jawaid Iqbal. The Agriculture sector uninterrupted engages in recreation of Pakistanis economy since independence. The economic impact of coronavirus in Pakistan is not limited to the import and export industry. Economy of Pakistan • Pakistan is an important player in the region • Economy ranked 27th in the world according to PPP • 53 % of GDP comes from service sector • Industry accounts for 25 % of GDP • 22% is agriculture and Livestock • Average GDP growth rate 5% since 1952 . Industrialization allows countries to make optimal use of their scarce resources. Industrial Production in Pakistan averaged 4.57 percent from 1990 until 2020, reaching an all time high of 35.15 percent in April of 1991 and a record low of -42.03 percent in April of 2020. Backward industrial sector is the second major sector of the economy of Pakistan. 20. However, domestic banks face challenges from their substantial low-rated Pakistan government bond holdings, as well as high asset risks and modest capital levels, according to the rating agency. In 2018 it recorded a growth of 5.80% as compared to the growth of 5.43% in 2017. 937 Words 4 Pages. The services sector is estimated to have contracted, by over 1 percent, while industrial production is expected to have declined even more, due to the high policy rates prior to the pandemic and plunging domestic and global demand thereafter. Agriculture sector in Pakistan. Importance Of Banking Sector In Pakistan. INTRODUCTION TO BANKING SECTOR: Banking sector is the main part of an economy. In 2019, agriculture contributed around 22.04 percent to the GDP of Pakistan, 18.34 percent came from the industry, and over half of the economy’s contribution to GDP came from the services sector. It is the backbone of our economic system. Another Pakistani owned Silicon Valley startup, Swaggable will value at $20 million this November. In the early time, it considered a dominant sector but due to the declining its performance due to the political, social, environmental and climate conditions its production yield goes down gradually and now it is the second largest sector in Pakistan. Over one hundred thousand people are officially employed in the IT sector of Pakistan and many more are informally employed. Pakistan’s livestock feed industry is underdeveloped. On the first Monday of February, the Pakistan Stock Exchange (PSX) lost over 1,200 points amid a high inflation reading in the aftermath of the coronavirus outbreak. 8. After the creation of Pakistan in 1947, the Government of Prime Minister Liaquat Ali Khan realized the importance of local production of iron and steel. Importance of dairy industry in Pakistan’s fight against malnutrition 95pc of dairy sector comprises of loose milk while only 5 per cent comprises of packaged milk industry, 80pc of milk production takes place in rural areas. In 1953, they have stepped in to the field of clothes manufacturing. Banks were nationalized in the 1970s, before the 1990s ushered in the first wave of privatizations and entry of new private banks. Manufacturing is the largest of Pakistan's industrial sectors, accounting for approximately 12.13% of GDP. This sector is the back bone of an economy of any country particularly for Pakistan which is the under developed country. Pakistan produces two million tons molasses per year that is a reasonable amount to produce ethanolfuels for transport sector. Industrial Production in Pakistan increased 14.37 percent in November of 2020 over the same month in the previous year. On the other end, insufficient growth in the industrial sector can be seen. Share: Share. Banks play a vital role in economy and prosperity of a country. Some banks predate the creation of Pakistan and, by extension, also the central bank. Watch Queue Queue. The automobile industry in Pakistan started to achieve the objectives of fulfilling the requirements of the country, creating manufacturing base, import substitution, foreign exchange saving and employment generation, human resource development along with foreign and local investment. Pakistan's industrial sector accounts for approximately 18.17% of GDP. Industrial banks; Moody’s rates Pakistan’s banking system as stable, due to rapid economic growth and stable funding from high liquidity levels and customer deposits. The agriculture sector, partially insulated from the effects of the containment measures, is estimated to have expanded modestly over the year. Agricultural advancement is necessary for improving the supply of raw materials for the agro-based industries especially in our developing country. Agriculture is also the major source of provision of raw martial to industrial sector of Pakistan. The Pakistan Industrial Development Corp., established in the early 1980s with IDA credit, developed industrial estates for small- and medium-scale industries, assisting their occupants in obtaining credit, raw materials, technical and managerial assistance, access to production facilities, as well as marketing support. Thus, the exchange of information and experiences is important among these nations. However, agriculture not only furnishes food and raw material but also employment opportunities to a very large proportion of population as well. Due to the backwardness, the industrial sector is accommodating only a small number of people. 9 Then, manufacturing contributed 7.8% of GDP and the services/trade/other sectors contributed 39% 9. In 2017, it contributed almost 8.5% to the country’s GDP, accounted for one-fourth of industrial value-added and employed 40.0% of the industrial labour force. Industrial sector plays an important role in the development process of any country. Unfortunately the IT sector has not been given the same industry status as textile and other industries, and this has impacted its development. During 1990s and 2000s, private sector emerged as a key provider of education services in Pakistan both in absolute terms and relative to the public sector. The points stated below explain in detail the role of agriculture in the economic development of Pakistan . The sector contributes about 25% towards GDP which is the highest of any other economic sector. Its contribution towards GDP is about 25% which is higher than contribution of any other sector. In Pakistan, private schools are getting mass acceptance today to ensure sustained progress of the country. sector for building the economic-cum-industrial base.8 In 1949-50, Pakistan registered a national savings rate of 2%, foreign savings rate of 2%, and an investment rate of 4%. Industry plays a complex role in economic development, but these are some of its most important effects. The slow growth of industrial sector is responsible for widespread poverty and mass unemployment. Origin & History: Since the latter part of the 18 th century manufacturing as a human occupation got much importance. Hence industrialisation plays important role for proper utilisation of resources. This name is one of the most iconic names in textile industries of Pakistan. The textile is the most important sector of Pakistan’s economy. The agriculture sector also provides a large amount of raw material to the industrial sector. The Pakistani IT industry is beginning to come of age and is strongly emerging as a global IT destination. Pakistan is faced with a multitude of challenges in the education sector. The informal economy in Pakistan is large where workers have limited access to labour welfare services. Pakistan’s banking sector has a rich history and has undergone several distinct phases. The Labour Force Survey 2017-18 states that the informal sector accounts for 71.7 per cent of the employment in main jobs outside agriculture, more in rural areas (75.6 per cent) than in urban areas (68.1 per cent). Tweet. The causes behind this are shortage of capital and investment in the country to build new industries. Agriculture plays a pivotal role in the life of Pakistan’s economy. According to investors opinion high rate of indirect taxes is hurting them very much, like general sales tax and import duty etc. Get Help With Your Essay. Pakistan could easily benefit from the experience of Asian countries, especially China and India, where conditions are similar and the agriculture sector is almost like that of Pakistan. Only about 0.20 million tonnes of feed are produced annually, against a total estimated requirement of 40 million tonnes. The modern concept of industry … THE IMPORTANT REASON OF INDUSTRIAL BACKWARDNESS NOWADAYS IS: ... That's why industrial sector is backward. Amongst textile products, garments have the highest-value addition and is also the main export revenue earner. Manufacturing is secondary economic activity after agriculture. Raising supply of food by agricultural sector has, therefore, great importance for economic growth of our country. Less collection of taxes also hinders the government of Pakistan to establish new factories and industries in the country. This video is unavailable. Pakistan has a lot of potential for hospitality industry, as it has diverse culture, landscape, religious places, to attract more local and international tourists, said by the President Dr. Arif Alvi. So with fast growth of industrial sector, surplus labour from villages can be put into use in industry. In Pakistan ratio of indirect taxes is higher than that of direct taxes. The shortage of agricultural goods has its impact upon industrial production and a consequent increase in the general price level. Causes of Industrial Backwardness: 1. Share: Share. Watch Queue Queue It accounts for 21.4% of GDP. Following are the main points of importance of agriculture for Pakistan economy. Pakistan’s Banking Sector. Main articles: Pakistan Soviet Union relations and Pakistan Council of Scientific and Industrial Research. Initially, the dependence on imports caused economic setbacks to the state in the form of high import cost. Controversial Industrial development strategies. June 06, 2020. 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