Industrial Sector of Pakistan

There is not even a single developed country without emergent industrial sector. The famous Great-7 nations were developed just because of industrialization. The industrial sector of Pakistan is emerging and undergoing rapid development. Howsoever, still there are number of hurdles resisting continuous development of this sector.

Energy Crises:

The industrial sector is dependent on the supply of energy; the shortfall of so supply causes dramatic failures and drawbacks. Unfortunately, Pakistan is facing colossal energy shortfall causing industries to shut down. This energy crisis is not only affecting Industrial sectors but also number of other sectors too. So this issue must be addressed otherwise Pakistan could face horrified results.

Terrorism:

Terrorism is a global phenomenon, almost every emerging economy is victim of terrorism, and so is the Pakistan. The terrorism is creating a threatened environment in industrial sector of Pakistan. Local investors are withdrawing their investments and migrating to western/safer countries for better lifestyle. This situation discourages the Foreign Direct Investment; when the local investors are going out, it’s really hard to attract international investors.

However, Pakistani Government has taken steps against terrorism. Karachi Operation, The National Action Plan NAP and Zarb-e-Azab are the best steps taken by government to curb the terrorism in Pakistan. However, there are still some areas like Punjab where military operations are required to diminish the terrorist activities.

Political Instability:

Investors avoid investing in such markets where the political conditions are not stable, because this condition enhances the risk of investment. The political condition of Pakistan is not much stable, since the previous government of Nawaz Sharif was taken-over by General Pervaiz Musharraf. Even the current government is not much stable because of opposition-government relationship. The opposition is stressing Prime Minister Nawaz Sharif to resign from this position because of Panama Leaks allegations. However Civil-Military relations of Pakistan are now quite good since the Karachi military operation and Zarb-e-Azab operation were conducted with the collaborative policy of government and Pak Army.

Lack of Capital:

People of Pakistan come up with variety of ideas, but common issue is lack of capital. People don’t have enough capital to establish/initiate a mega project which could help in economic development. On the other hand they have not anything to pledge to acquire loan from the banks. There are millions of ideas buried because of capital shortage.

Poverty:

According to a survey approximately 60% of total population of Pakistan is living below the poverty line. The newly established poverty line by World Bank is $1.90~$2. Hence the vast majority of population is not capable to spend money to buy industrial products and this situation force industrialists to limit the production capacity which sometimes causes lose and they fail to achieve economies of scale. All such circumstances eventually take the industrial growth downward.

Taxation:

Tax is another discouraging factor for investors in Pakistani Industrial Sector. Income tax, sales tax, property tax, value added tax, withholding tax, custom duty, excise and other taxes reduces the profit margin of the industry. So, all such taxes discourage the investors to invest more in the industry.

Conclusion & Recommendations:

Since the emergent economies are based on industrialization so it’s clear now that the Pakistan needs to address number of problems in order to develop its industrial sector. For this instance, here are some recommendations given below.

· Provide consistent energy supply and for this establish hydroelectric power plants.

· Efficient implementation of National Action Plan and Military Courts in order to cope up terrorism.

· Control corruption and develop friendly relations with Opposition.

· Provide loans at relaxed terms & conditions.

· Create job opportunities to reduce poverty for economic development.

· Resign the corporate taxation policy.

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