If the LSM trend continues, it will help close current fiscal year near the annual economic growth target after better output of some major crops. PHOTO: FILEPakistan’s large scale manufacturing (LSM) sector grew at a 16-year high level of 14.85% in the fiscal year ended June 30 as government’s pro-growth policies led to expansion in food, textile, automobile and construction-allied sectors. The outstanding growth in industries’ output was partly backed by higher export orders received mainly by the textile producers in the country. “LSMI output is up by 14.85% during FY21, the highest growth since FY05,” Arif Habib Limited (AHL) said on its official Twitter handle. However, the significant growth in LSM output was witnessed in domestic consumption led sectors like automobile, foods and construction-allied segment like cement and steel.

Source: The Express Tribune August 14, 2021 03:22 UTC