Topic > Importance of Industrial Industry in Pakistan - 1786

Industry has great importance in the economic development of all countries. History states that countries with a strong industrial sector ensure greater economic growth and development. Many developed countries are significantly dependent on manufacturing, such as China. The industry is Pakistan's second largest sector and contributes approximately 25% to the GDP. It includes large- and medium-scale manufacturing, mining and quarrying, construction, technology, electricity and gas distribution. Since the industrial revolution, industrialization has been considered the main cause of economic development. Countries that relied on agriculture are highly underdeveloped, while countries that worked on establishing industries are economically stable. The countries that encouraged large-scale industrialization are America, Germany, Great Britain, Japan, Russia, etc. Pakistan ranks 41st in the world in terms of industrial production. Cotton textile manufacturing and garment manufacturing are Pakistan's largest industries, accounting for approximately 66% of merchandise exports and nearly 40% of the employed workforce. Cotton products account for approximately 61% of Pakistan's export earnings. Other major industries include fertilizers, cement, edible oil, sugar, steel, tobacco, chemicals, machinery, and food processing. In 1947, at the time of partition, Pakistan had negligible industry. Pakistan got only 35 industries out of 955, while the remaining were held by India. Such a small number of industries was not enough for a newly conceived nation to take on the industrialized world. With the passage of time Pakistan has utilized all its accessible resources, internal and external, for rapid improvement in the manufacturing sector. Pakistan have now retained... half the card... trying. 6) The supply of raw materials is necessary for the improvement of the industrial sector. 7) Advanced infrastructure is required for the development of industries in Pakistan. 8 ) Financial institutions should provide credit facilities to the industrial sector on flexible terms and conditions. 9) There should be expansion of local and foreign markets for industrial goods. 10) Foreign investment should be encouraged and more incentives should be given to investors.11) Political stability is necessary for the development of the industrial sector. 12) A high level of technical education is necessary to produce a skilled, technical and efficient workforce. 13) The problem of load shedding should be removed and adequate electricity should be provided. 14) Self-reliance policy and trade policy should be adopted to eliminate industrial backwardness.