LSM growth increases by 15%; breaks 10-year record, says Khusro

ISLAMABAD: Minister for Industries Khusro Bakhtyar Friday said the country’s Large Scale Manufacturing (LSM) industries growth had increased by 15 percent in the fiscal year (FY) 2020-21 which was the highest score in 10 years.

Addressing a press conference, he said due to COVID-19 outbreak, manufacturing and production sectors were badly affected around the globe and in Pakistan as well.

He said keeping in view the higher LSM growth, the country’s gross domestic product (GDP) growth was expected to go up to 4.5 percent as compared to the previous year’s 3.7 percent.

Khusro said Karachi was the main hub of economy, therefore, it was decided to build the largest information technology park on the premises of Pakistan Steel Mills. 

The minister said the new industrial sectors would be introduced for enhancing exports and substituting imports of the country. – APP