Sluggish LSM growth to hit economy

LAHORE – Lackluster growth in the Large Scale Manufacturing (LSM) sector, to put negative impact on the GDP growth of the country, said Salim Ghauri, President of The Indus Entrepreneurs at a meeting held here.He said the latest statistics suggest that the LSM has declined to 2.75 per cent for the month of August on month-on-month basis, while it is stuck at an unimpressive 0.84 per cent growth on year-on-year basis. Salim said the dismal growth in the LSM is resulting into unemployment, challenging the law and order situation in the country.High inflation rate on the back of unprecedented hike in petroleum products amidst unimaginable fiscal deficit besides the agony of unbearable power crisis has left about 40 per cent of production capacity redundant in the LSM sector. Whereas, the LSM sector in countries like Brazil, India, China and other countries is facing no such power crisis at all, he added.

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