Government and State Bank Asked to Support Manufacturing

KARACHI, Sep 18 (Online Int’l): President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday lauded the government and SBP for supporting the manufacturing sector and asked to take more steps to strengthen this sector.

This sector is providing jobs to ten million people but its share in the GDP has contracted to 14 percent which must be noticed, he said. Mian Zahid Hussain said that manufacturing is on the decline while the undocumented economy is expanding, creating problems and dragging down the quality of products.

Talking to the business community, the veteran business leader said that this critical sector is overtaxed while it is also facing the increased cost of doing business, unnecessary interference by different agencies and dumping from different countries which is a result of flawed trade deals.

He said that textile is the largest subsector of manufacturing which absorbs almost 53 percent of the undocumented labour that are getting lesser pays than those working in the formal sector.

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