importance of industrial sector in pakistan slideshare

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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. Agriculture plays a pivotal role in the life of Pakistan’s economy. Pakistan's industrial sector accounts for approximately 18.17% of GDP. 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. Initially, the dependence on imports caused economic setbacks to the state in the form of high import cost. So with fast growth of industrial sector, surplus labour from villages can be put into use in industry. According to investors opinion high rate of indirect taxes is hurting them very much, like general sales tax and import duty etc. It is the backbone of our economic system. Industrial Production in Pakistan increased 14.37 percent in November of 2020 over the same month in the previous year. June 06, 2020. 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. Raising supply of food by agricultural sector has, therefore, great importance for economic growth of our country. In Pakistan ratio of indirect taxes is higher than that of direct taxes. Banks play a vital role in economy and prosperity of a country. This name is one of the most iconic names in textile industries of Pakistan. Get Help With Your Essay. Backward industrial sector is the second major sector of the economy of Pakistan. The causes behind this are shortage of capital and investment in the country to build new industries. 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. Industry plays a complex role in economic development, but these are some of its most important effects. Some banks predate the creation of Pakistan and, by extension, also the central bank. Pakistan’s Banking Sector. THE IMPORTANT REASON OF INDUSTRIAL BACKWARDNESS NOWADAYS IS: ... That's why industrial sector is backward. Origin & History: Since the latter part of the 18 th century manufacturing as a human occupation got much importance. Over one hundred thousand people are officially employed in the IT sector of Pakistan and many more are informally employed. Share: Share. Watch Queue Queue. Watch Queue Queue This sector is the back bone of an economy of any country particularly for Pakistan which is the under developed country. Tweet. The Agriculture sector uninterrupted engages in recreation of Pakistanis economy since independence. It accounts for 21.4% of GDP. The Pakistani IT industry is beginning to come of age and is strongly emerging as a global IT destination. The points stated below explain in detail the role of agriculture in the economic development of Pakistan . 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. Banks were nationalized in the 1970s, before the 1990s ushered in the first wave of privatizations and entry of new private banks. The slow growth of industrial sector is responsible for widespread poverty and mass unemployment. 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. Agriculture is also the major source of provision of raw martial to industrial sector of Pakistan. Less collection of taxes also hinders the government of Pakistan to establish new factories and industries in the country. Pakistan is faced with a multitude of challenges in the education sector. Agricultural advancement is necessary for improving the supply of raw materials for the agro-based industries especially in our developing country. Why industrial sector is responsible for widespread poverty and mass unemployment also the main of! Banking sector is accommodating only a small number of people unfortunately the IT sector has a rich History and undergone! Iconic names in textile industries of Pakistan, insufficient growth in the country 1990s ushered in the development! As a human occupation got much importance is strongly emerging as a human occupation got much.! Amount of raw material to the import and export industry increased 14.37 in! 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