The minister said the government was already making efforts to cut down prices of electricity and gas, particularly for the textile sector. The voluntary savings stimulate industrial growth and by cumulative effect lead to further expansion of industry. The government of Pakistan has taken various steps to promote industrial growth in the country. At present the share of industrial sector to GDP is 6.8%. hs.src = ('//s10.histats.com/js15_as.js'); 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. Industrial sector also helps government to stabilize price in country when goods are available in sufficient quantity. Industrial sector is also plays great role in social welfare this sector meets different needs of society like food and fiber requirement of population. According to one estimate more that 50% of total labor force is employed in industry. Hence, in order to sustain economic growth there is a high demand on already … The single biggest opportunity to develop Pakistan lies in its 100 million people who are below the age of 20. 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. 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. Industrialization provides larger scope for on the job-training and technological progress. Government of Pakistan ... Short Term Steps (July 2006-June 2009) ... Industrial Units. 69 ... development, production and commercialisation in Pakistan. Cotton and cotton-based products account for 61% of export earnings of Pakistan. Complete List of the Recipients of the Pakistan Civil... Pakistan Affairs Notes | Information Technology (IT) Sector Development in Pakistan. The industrial production can be expanded or cut down according to the price, cost and demand of the product. 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 … and Z. Alvi, 1975, Effect of 1972 devaluation on Pakistan's balance of trade, Pakistan Development Review. Arif Nizami (Editor) If India and Pakistan can break a lot of economic and non-economic barriers, Pakistan will be put on India’s growth rate. Check Also: Agriculture of Pakistan | CSS Pakistan Affairs Notes. The rise in income raises the living standard of the people. Pakistan at the time of partition in 1947, had negligible industrial base. Industrial development increases the revenue of the government which is spent on the welfare of people. In this connection, an agreement had been signed with Qatar to procure gas at the rate of Rs 12.75 MMBtu, he added. We write simple, Stress-free language to understand articles. In 1958, a military government of Ayub came into power in Pakistan and announces a new industrial policy in 1959. SME, s Promotion: 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. _Hasync.push(['Histats.start', '1,3926547,4,408,270,55,00011111']); Increase in production will increase the national income. Industrialization eliminates dependence on agriculture only. 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. Large government investments in the 1970s established the country's first large-scale ship-building and steel milling operations; the production of chemical fertilizers was also given special government support. The single biggest opportunity to develop Pakistan lies in its 100 million people who are below the age of 20. Role of Industrial Sector in Economic Development. Industries will make the people hardworking and will go a long way to increase their efficiency. The customs excise duties and other taxes levied on the production of goods increase the revenue of the state. In an agrarian country people in general are illiterate. But due to shortage of foreign exchange, we cannot import such items to make rapid economic development. 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. to be used in the farm sector. It helps in increasing the export of manufactured goods and thus earns foreign exchange. Establishment of financial institutions : (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(hs); IMG Consultants, 1988, Industrial efficiency improvement and development strat- egy, Prepared for Government of Pakistan, Pakistan. 2. We always check high standards of excellence, […] Check Also: Role of Industrial Sector in Economic Development | CSS Pakistan Affairs Notes […]. The use of advanced technology increases the scale of production, reduces cost of production. Following steps should be taken by government to boost up industrial development in Pakistan. July, 2006 onwards. 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. and Z. Alvi, 1975, Effect of 1972 devaluation on Pakistan's balance of trade, Pakistan Development Review. 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. Our Country should establish labor intensive industries instead of capital intensive industries because we have cheap labor and shortage of capital. Pakistan Industrial development Corporation was established in 1952 to foster industrial growth and this functioned productively till 1970. 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. The construction of a transistor radio plant develops the small battery industry. Major exports of our industrial sector are textile items and sports goods etc. To make industrial development, we have to import modern machinery and advanced technology from other countries. Pakistan has a bicameral … full term by an elected government. Causes of Industrial Backwardness: 1. Industrialization increases the supply of goods both for internal and external markets. They not only receive higher prices for their exports and earn foreign exchange but their financial and political condition also become more stable. 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For instance. "Dedicated to the legacy of the late Hameed Nizami" It has increased the income of the people and there is no need to export the raw material. In short, Pakistan’s future government must take steps to retain and attract more investment in order to generate the conditions for economic stability. 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. Imports of country can be reduced by establishing industries of those goods that are being imported from other countries in this way national foreign exchange service can be saved. July, 2006 onwards. The Constitution of Pakistan is the supreme law of Pakistan. Pakistan is facing the deficit of $ 8.3 billion in its balance of payment during 2010-11. Since gaining independence from Britain in 1947, the development of sustainable agriculture in Pakistan has greatly improved. Drought, environmental pollution, low income, lawlessness, and illness are the main causes for backwardness in agriculture and industry. 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. These include measures to reduce non-productive expenditure and raise In international market, those countries are enjoying higher living standards which we industrially developed. Following steps should be taken by government to boost up industrial development in Pakistan. Industrial Sector is also important and helpful in agricultural development. Due to industrialization in Pakistan now cotton and sugarcane is used in the domestic industries. 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. Pakistan's industrial sector accounts for about 64% of GDP. Government of Pakistan, Finance Division, Economic Advisor's Wing, Economic Survey, various issues. Efforts have also been accelerated to bring down sales tax ratio at the rate of 15 per cent from 17 per cent,” he said. That is why , from time to time , many steps were taken by different ruling parties for the development of the industrial sector which are as follows : 1 . Governments should charge Minimum taxes from industrialists to attract them towards investment in industry. Industrial Sector plays very important role in increasing exports of country. 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. The construction of milk processing plants adds to its line of production ice cream. Customary traditional and backward in thinking industry puts them on the path of development. The export of goods provides foreign exchange. The advantages of technological change were channeled into agriculture. Following are the important measures adopted by the government to promote the industrial sector : 1. Talking to APP on … Check Also: CSS Pakistan Affairs Notes | Power Resources of Pakistan. We need to focus on their development to build a new Pakistan… 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. There are now clear warnings of a global economic recession as […] IMG Consultants, 1988, Industrial efficiency improvement and development strat- egy, Prepared for Government of Pakistan, Pakistan. For the attainment of the above-mentioned objectives, the government of India has taken the following major steps: (1) New Industrial Policy. Government should provide maximum credit facility to businessman so that they will be able to meet their all financial needs and carry on their business. Ph: +92 42 36375963-5 Fax: 042-36298302 The income of the labor, due to higher productivity increases. 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. The steps that must be taken by the government of Pakistan for the development of Pakistan are: 1 They can encourage the small scale industries by reducing the purchase of foreign goods and be buying locally made goods by those small industries. Industrialization leads to migration of surplus labor from farm sector to the industries mostly situated in urban centers. The income of worker in the industrial sector is therefore, higher than that of a worker in agricultural sector. Check Also: Irrigation System of Pakistan | CSS Pakistan Affairs Notes. UK-Pakistan bilateral trade in 2017 was £2.9 billion. The increased use of modem inputs has increased the yield of crops per hectare. Governments should attract foreign investment by giving maximum facilities to foreign investors. 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. 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. Since independence , our government has realized the importance of the industrial sector . _Hasync.push(['Histats.track_hits', '']); Phase 2 (1958-1969): 1. Government of Pakistan ... Short Term Steps (July 2006-June 2009) ... Industrial Units. Agriculture, minerals, transport and communication trade and other sector of the economy mainly depend on industrial sector. So in this ways this sector increases national GDP. 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. 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. People through the adoption of family planning measures, reduce the rate of population growth. We need to focus on their development to build a new Pakistan… The Constitution of 1973 is the existing constitution, which provides for a parliamentary system with a President as head of state and popularly elected Prime Minister as head of government. The division of work increases the marginal value product of labor. “We are also making legislation to encourage and facilitate big companies to come and invest in Pakistan. Development of industrial sector means more investment, employment and production. The industrial activity compared to agricultural is easy to control. 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. 4-Shaarey Fatima Jinnah, Lahore Advertisement Developed industrial sector means development and economic welfare of the individuals. Industrial sector increases revenue of Government because industrial sector pays different type of taxes to government like. Industrial Sector provides employment to majority of population. 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. (function() { Pakistan is the second largest economy in South Asia after India. Industrial Sector also meets national Defense requirement. By exporting finished and industrial goods we can earn a lot of money as compared to exporting raw materials. Industrialization promotes specialization of labor. In 1948 the government declared the private sector for investment. 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. The broad outline of government policy in the 1950s and early 1960s involved squeezing the peasants and workers to finance industrial development. The increase in the income of the farmers has given boost to economic development in the country. Governments Should Promote saving Culture in the Country by introducing different attractive schemes to public of country. There are now clear warnings of a global economic recession as […] It enhances their capacity to save. var _Hasync= _Hasync|| []; Regional trade can be a potential driver for growth. 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. These include measures to reduce non-productive expenditure and raise Ph: +92 51 2287273 Islamabad, Ph: +92 21 35381208-9 Karachi To make industrial development, we have to import modern machinery and advanced technology from other countries. The broad outline of government policy in the 1950s and early 1960s involved squeezing the peasants and workers to finance industrial development. Any government can take advantages by their cottage and small scale industries if they take some important steps for this industry. Long Term steps (July 2009-June, 2025) Responsibility Reduction in the Rate of population Growth: Increase in Rate of Economic Development: Please Share your comments using Facebook ID, FPSC CSS Past Papers 2017 | Download in PDF, CSS Pakistan Affairs Notes | Natural Resources of Pakistan, Irrigation System of Pakistan | CSS Pakistan Affairs Notes, CSS Pakistan Affairs Notes | Power Resources of Pakistan, Agriculture of Pakistan | CSS Pakistan Affairs Notes, Industrial Sector in Economic Development. RECOMMENDATIONS. In cities, improved facilities of sanitation and health care are available. New roads, dams, buildings and parks are constructed. 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. The Government has taken steps to invest in this crucial sector with the recent establishment of a Marble City within Balochistan. This sector provides employment to both skilled and unskilled labor. Government of Pakistan, Finance Division, Economic Advisor's Wing, Economic Survey, various issues. Technology, including the IT industry, in Pakistan has enormous potential for growth. Industrialization brings structural changes in the pattern of foreign trade of the country. 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. Check Also: CSS Pakistan Affairs Notes | Natural Resources of Pakistan, Development of one industry leads to the development and expansion of other industries. On the other hand the processing of raw material at home curtails the import of goods and thereby helps in conserving foreign exchange. 3 By reducing tariff for them. 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. Industrialization is the best way to provide economic stability to the country. Government should obtain maximum foreign AID to compensate low rate of saving so that maximum investment will take place in country. _Hasync.push(['Histats.fasi', '1']); Improves quality of the product and helps in widening of the market. Long Term steps (July 2009-June, 2025) Responsibility Since the division of the Subcontinent, the Government of Pakistan has been utilizing all available resources domestic as well as external for rapid development of the manufacturing sector. 2 By giving them loans and credit facilities. 4. There have been several documents known as the Constitution of Pakistan. Economic consequences of environmental degradation. Industrialization increases the income of the workers. The PLGMEA chairman called encouraging the steps taken by PM Imran for industrial development. Powered by Team CSS Times. Pakistan is facing the deficit of $ 8.3 billion in its balance of payment during 2010-11. Government should establish maximum industrial cities and zones where every facility should be provided to industrialists easily and at low rates. 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 Industrial Technical Assistance Centre (PITAC) was established in 1956. 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. 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. The PLGMEA chairman called encouraging the steps taken by PM Imran for industrial development. Any government can take advantages by their cottage and small scale industries if they take some important steps for this industry. 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. Defense is very important requirement of every country industrial sector provide modern arms and other equipment’s for defense. But due to shortage of foreign exchange, we cannot import such items to make rapid economic development. Pakistan is an emerging market with a young and growing population of around 200 million, according to the World Bank. 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 })(); Copyright © 2019. Kemal, A.R. The UK exported £1.1 billi… 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. Controversial Industrial development strategies. This phase witnessed the massive industrial growth in the country. Extension of market depends on the quantity of demand. var hs = document.createElement('script'); hs.type = 'text/javascript'; hs.async = true; It was also executing a comprehensive strategy to resolve problems of the sector on top priority in order to enhance national exports and strengthening the national economy, he added. There is a demand of finished products within and outside the country. From the above discussion, it is clear that no doubt Industrial sector has much importance for economic development without which no country can make progress in this modern world. Pakistan is amongst the 180+ countries dealing with the coronavirus pandemic. Pakistan is amongst the 180+ countries dealing with the coronavirus pandemic. Industrialization helps in increasing the value of output per worker. Under Industrial Policy, keeping in view the priorities of the country and its economic development, the roles of the public and private sectors are clearly decided. 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; … 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. Pakistan's industrial sector accounts for about 64% of GDP. Cone cream plants, etc…. Kemal, A.R. 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. A nation which depends upon the production and export of raw material alone cannot compete the industrial nations. With developed industrial sector we cannot only produce substitute of imported goods but we can export them to other countries. 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