Govt’s initiatives to minimize impact of COVID-19 on Industry – Engineering Post Report

The incumbent federal government has taken various steps and measures during 2020-21 for reviving the national economy, accelerating the pace of economic growth and creating employment opportunities.

Major programmes are briefly mentioned below:

Construction Package

Construction industry has backward and forward linkers and boost 40 sectors of large and small manufacturing industry simultaneously. It is estimated that millions of employment opportunities would be generated through the construction package.

Textile Industry Package

Textile production in the country has increased by 5.9 per cent during July-March FY 2021 as compared to 2.6 per cent decline in the last year. Flurry of export orders, tax refunds and duty drawbacks have facilitated the textile sector. Statistics have shown that the government has recreated about half a million jobs by strengthening the textile industry.

Bundal Island Project

The project would attract up to five million tourists with people already approaching the government for investment. Approximately 150000 will be generated by the project.

Export Processing Zones

Export Processing Zones Authority is conceived and designed to increase and improve the exports of the country. Its main objectives are accelerating the pace of industrialization in the country and enhancing the volume of exports by creating an enabling environment for investors to initiate ambitious export-oriented projects in the Zones which would, as a corollary, create job opportunities, bring in new technology and attract foreign investment.

River Ravi Urban Development Programme

The federal government is confident that the Ravi City Project costing Rs 5 trillion ($ 30 billion) would create millions of jobs as at least 40 industries are connected to the construction sector.

IT Parks Package

Pakistan’s Information Technology (IT) Industry, being a vibrant and expanding economic contributor generates over 2 billion dollars each year for the country. Its potential is also being explored. Rapid investment is being fueled by the mushrooming growth of exports along with the support of the government organizations and policies. It is expected that thousands of employment opportunities will be generated through this programme.