The business community has underscored the need for a review of economic policies keeping in view that the large scale manufacturing (LSM) output dropped 10.3% in the first 11 months of fiscal year 2019-20.
In a statement on Thursday, All Pakistan Business Forum (APBF) President Syed Maaz Mahmood said that the large industrial sector, which had been shrinking even before the deadly pandemic hit the economy, contracted further during this period.
Mahmood highlighted that Covid-19 has adversely impacted the global economy as well as trade and industrial sectors of Pakistan. “Covid-19 started affecting Pakistan from the third week of March 2020, however, large industries were struggling even before that,” he said.
The official was of the view that industrial activity could pick up pace in the new fiscal year with the implementation of envisaged policy measures.
Published in The Express Tribune, September 11th, 2020.
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