Ph: +92 51 2287273 Islamabad, Ph: +92 21 35381208-9 Karachi For the attainment of the above-mentioned objectives, the government of India has taken the following major steps: (1) New Industrial Policy. 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. The single biggest opportunity to develop Pakistan lies in its 100 million people who are below the age of 20. July, 2006 onwards. Industrialization helps in increasing the value of output per worker. Therefore dependence on other countries and deficit in balance of trade and balance of payments can be decreased and we may be able to save foreign exchange. 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. Industrialization provides larger scope for on the job-training and technological progress. Government of Pakistan ... Short Term Steps (July 2006-June 2009) ... Industrial Units. 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. FAISALABAD: State Minister for Finance Rana Muhammad Afzal Khan said on Sunday that the government was striving to resolve the problems of the industrial sector, besides improving it on modern lines. 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. It enhances their capacity to save. Government should obtain maximum foreign AID to compensate low rate of saving so that maximum investment will take place in country. Industrial Sector provides employment to majority of population. 4. _Hasync.push(['Histats.fasi', '1']); hs.src = ('//s10.histats.com/js15_as.js'); Long Term steps (July 2009-June, 2025) Responsibility Arif Nizami (Editor) to be used in the farm sector. Major exports of our industrial sector are textile items and sports goods etc. IMG Consultants, 1988, Industrial efficiency improvement and development strat- egy, Prepared for Government of Pakistan, Pakistan. According to one estimate more that 50% of total labor force is employed in industry. In 1948 the government declared the private sector for investment. Efforts have also been accelerated to bring down sales tax ratio at the rate of 15 per cent from 17 per cent,” he said. Defense is very important requirement of every country industrial sector provide modern arms and other equipment’s for defense. The increased use of modem inputs has increased the yield of crops per hectare. Hence, in order to sustain economic growth there is a high demand on already … Developed industrial sector means development and economic welfare of the individuals. Improves quality of the product and helps in widening of the market. Since gaining independence from Britain in 1947, the development of sustainable agriculture in Pakistan has greatly improved. Regional trade can be a potential driver for growth. With developed industrial sector we cannot only produce substitute of imported goods but we can export them to other countries. They not only receive higher prices for their exports and earn foreign exchange but their financial and political condition also become more stable. 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. Complete List of the Recipients of the Pakistan Civil... Pakistan Affairs Notes | Information Technology (IT) Sector Development in Pakistan. If India and Pakistan can break a lot of economic and non-economic barriers, Pakistan will be put on India’s growth rate. Government should maintain law and order in country so that security of life and property will be given to business and they will feel comfortable and will be ready to invest in country. Governments should charge Minimum taxes from industrialists to attract them towards investment in industry. Industrialization increases the supply of goods both for internal and external markets. 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. 4-Shaarey Fatima Jinnah, Lahore 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. 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. Causes of Industrial Backwardness: 1. We always check high standards of excellence, […] Check Also: Role of Industrial Sector in Economic Development | CSS Pakistan Affairs Notes […]. The export of goods provides foreign exchange. This sector provides employment to both skilled and unskilled labor. 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; … July, 2006 onwards. Talking to APP on … These include measures to reduce non-productive expenditure and raise _Hasync.push(['Histats.start', '1,3926547,4,408,270,55,00011111']); Industrial sector is also plays great role in social welfare this sector meets different needs of society like food and fiber requirement of population. Industrialization is the best way to provide economic stability to the country. Developed industrial sector can absorb millions of unemployed which will increase not only the income level but also the standard of living. full term by an elected government. RECOMMENDATIONS. Pakistan Hunting and Sporting Arms Development Company; Pakistan Industrial Development Corporation; Pakistan Industrial Technical Assistance Centre; Pakistan Institute of Management; Pakistan Machine Tool Factory; Pakistan Steel Mills; Small and Medium Enterprise Development Authority; Pakistan Stone Development Company Powered by Team CSS Times. Any government can take advantages by their cottage and small scale industries if they take some important steps for this industry. There have been several documents known as the Constitution of Pakistan. Industrial Sector also meets national Defense requirement. Role of Industrial Sector in Economic Development. In this connection, an agreement had been signed with Qatar to procure gas at the rate of Rs 12.75 MMBtu, he added. Agriculture, minerals, transport and communication trade and other sector of the economy mainly depend on industrial sector. The industrial activity compared to agricultural is easy to control. Due to industrialization in Pakistan now cotton and sugarcane is used in the domestic industries. 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. and Z. Alvi, 1975, Effect of 1972 devaluation on Pakistan's balance of trade, Pakistan Development Review. Pakistan at the time of partition in 1947, had negligible industrial base. (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(hs); The PLGMEA chairman called encouraging the steps taken by PM Imran for industrial development. There is a demand of finished products within and outside the country. The minister said the government was already making efforts to cut down prices of electricity and gas, particularly for the textile sector. In cities, improved facilities of sanitation and health care are available. The UK exported £1.1 billi… 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. Governments Should Promote saving Culture in the Country by introducing different attractive schemes to public of country. Check Also: CSS Pakistan Affairs Notes | Power Resources of Pakistan. Increase in production will increase the national income. 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