What Economic Outlook was projected for Industrial Sector during the financial year 2022-23?

Engineering Post Report

At the beginning of every financial year, the documents released by the Finance Division, Planning Commission and others at the time of announcement of the new federal budget present review of the state of the economy as well as the economic outlook for the new financial year.

Economic outlook pertaining to Industrial Sector in a document of the Planning Commission may be of some interest and is being reproduced here for the information of all concerned, please;

“Remarkable industrial performance over past two years is expected to be consolidate and augmented production capacity during these years will anchor the growth momentum. Construction sub-sector benefited from the government package and grew by  8.3 percent and 3.1 percent during last two years. This momentum is expected to continue during 2022-23 due to work in progress and pipeline investments. Moreover, several initiatives that cut across numerous sectors are already under implementation to spur industrialization.

“The broad-based revival of LSM (Large Scale Manufacturing) is projected to slow down to 7.4 per cent during 2022-23 mainly because  of adjustments in fiscal and external sectors. The momentum through exports of textiles  is likely to keep growth  at decent level. Moreover, collateral -free credit guarantee scheme for LSM  will also underpin overall manufacturing sector  growth prospects. There are  downside risks of high cost and low supplies of energy inputs, exchange rate related to uncertainties  and Russia-Ukraine war related  supply shocks, which can impact manufacturing sector. However,  the buoyancy  in construction sector  sector, with spillovers in allied industries, and with the new entrants in  the car industry , the overall manufacturing sector is projected to post growth of 7.1 percent during 2022-23.”