Politics
FEBR Warns Government Against Missing Growth Target in Major Sectors
The Friends of Business & Economic Reforms (FEBR) have warned the government not to meet its annual growth targets in three major sectors, including agriculture, industry and services, stressing the need to reduce the mark-up rates and energy prices for local industry to further stimulate industrial growth. .
"Companies bore the brunt of the high cost of doing business, the very high interest rates and the documentation provided by the Federal Board of Revenue," observed FEBR president Kashif Anwar.
In a statement released today, he hailed the positive growth of large-scale manufacturing (LSM) after a long time, saying it would help create jobs as large industries rebounded last month, posting healthy growth of almost 10%. .
While congratulating Prime Minister Imran Khan for reversing his decision to raise the electricity tariff for the export sector, he said that all of it industry, being part of the economy, should be relieved. He said that rising electricity prices or extra charges to bills are not a solution to the problems of the electricity sector. The government should remedy the inefficiencies of the system.
FEBR President Kashif Anwar observed that LSM production increased 9.66% in December compared to the same month last year, breaking a cycle of constant contraction in recent years which is good news.
He said this trend helped bring the overall cumulative contraction of the LSM sector to 3.4% during the July-December period of fiscal year 2019-2020. For five months, the LSM sector's contraction reached almost 6%, which fell significantly to 3.4% due to better performance in large industries in December.
In its first quarterly report, the central bank noted that while large export-oriented and import-competitive industries have remained optimistic about fundamentals, they have refrained from adopting a vision to long term.
Citing PBS data, Kashif Anwar said that out of 15 major industries, eight registered growth while production in seven industries contracted during the July-December period.
Data collected by the Oil Companies Advisory Committee (OCAC) showed that 11 types of industries recorded an average negative growth of 0.7% during the period July-December of the current fiscal year . But in December alone, industries controlled by OCAC recorded growth of 0.1%.
The Department of Industries, which monitors 15 industries, reported a 1.8% drop in growth in these industries. But on an annual basis, the Ministry of Industries recorded growth of 7.4% in December compared to the same month of last year.
Likewise, provincial offices reported a 0.9% contraction in 11 industries in the first six months of the current fiscal year. On an annual basis, the provincial offices recorded growth of 2.2% in December.
Sectors that posted growth in the first half of the year include textiles, which rose only 0.32%, fertilizers grew by 4.9%, and mineral products. non-metallic, which recorded growth of 2.9%. Leather product manufacturing grew 11%, rubber products 1.3%, wood products 46.6%, and paper and cardboard 7.9% over the period. July to December. Food, beverage and tobacco production increased 4.3%. The industries that produced seven main types of goods saw their manufacturing decline in July-December 2019. Production of coke and petroleum products grew 10.3%, pharmaceuticals 6.4%, products chemicals 4.1%, automobiles 36.4%, steel products 12.3% and electronics 14%.
Engineering products recorded negative growth of 1.4%.
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