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.”
