Epaper_24-06-12 LHR

GOVT UNABLE TO KEEP UP WITH SOARING EXPENDITURES, PAKISTAN ECONOMIC SURVEY REVEALS

Cabinet thumbs up to legislation to set up Digital Commission, Pakistan Digital Authority

High-powered Chinese delegation to visit Pakistan soon: PM

while

PARCO PL ANS $1.3B INVESTMENT IN HYDROCRACKER UNIT

Dr Shamshad Akhtar appointed chairperson of PSX board

ADB in 1990 and rose to the position of Manager in 1998 after serving as Senior and Principal Financial Sector Specialist

Economist in the World Bank’s Resident Mission in Pakistan In Pakistan she also worked briefly with the Planning Offices of both the Federal and Sindh Governments Her work included papers on the taxation system of Pakistan, the state of intergovernmental fiscal relations poverty incidence and its dimensions and foreign direct investment etc

woman to lead the country s central bank According to the SBP website prior to her appointment as SBP Governor, Dr Akhtar has been serving the Asian Development Bank (ADB) as its Director General Southeast Asia Department since January 2004 Earlier she was Deputy Director General of the Department

She also held the position of Director, Governance, Finance and Trade Division for East and Central Asia Department of ADB

Dr Akhtar began her career in

She was ADB s Coordinator for the APEC Finance Ministers Group from 1998-2001 and has served on several ADB committees including the Reorganisation Committee, Appeals Committee and Oversight Committee, etc She has interfaced and represented the Asian Development Bank at the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO)

She has developed a broad regional expertise in financial and economic matters of Central Asian Republics & Southeast Asia including the People’s Republic of China

Before joining the ADB Dr Akhtar worked for 10 years as an

Dr Akhtar also contributed to the development of diversification of financial markets including the analysis of monetary policy and state of banking industry (at the World Bank) and restructuring of the Securities & Exchange Commission and Insurance Commission and worked closely with the private sector including the stock exchanges of Pakistan Born in Hyderabad, Dr Akhtar had her earlier education in Karachi and Islamabad She graduated from the University of Punjab with a BA in Economics degree in 1974

Dr Shamshad Akhtar has an M Sc in Economics from the Quaid-e-Azam University, Islamabad, an M A in Development Economics from the University of Sussex in 1977 and a Ph D in Economics from the U K s Paisley College of Technology in 1980 She is a post-doctoral Fellowship Fulbright Scholar and was a visiting fellow at the Department of Economics, Harvard University in 1987

Th e Monetary Policy Committee of the State Bank cut its benchmark policy rate by 150 basis points, which is about as deep a cut as could be expected, even though the inflation rate is low enough to justify a much deeper cut however, such drastic measures are not dictated by the circumstances The decline in inflation has been precipitate, which implies that a deeper rate cut might not prevent the inflation genie from escaping the bottle Further, with a possible increase in the General Sales Tax, the policy rate needed to be set with the probable inflationary effects in view Then there is the factor of oil prices: the cuts in production agreed for 2024 by oPC+ mean that the government cannot depend on further relief from international oil prices; indeed, that relief could well be reversed however, the National economic Council held its pre-Budget meeting and approved a development budget of rs 3 792 trillion It set an inflation target of 12 percent That is where the policy rate should be, around the time it is achieved The good news for the government would be that if the rate was achieved, and the policy rate cut accordingly, that would allow the government to pay less interest on its debt, thus easing the budgetary pressure on it to some extent At the same time, it would be only appropriate for Finance Minister Muhammad Aurangzeb to remember that an important part of his job is preventing cuts in the Public Sector Development Plan Already, the targeted growth of 3 6 percent seems anaemic, not just by the needs of the populace, but also by historical trends It should not be forgotten that Investment + Savings Gross National Product Investment includes government development spending, so if the PDSP is cut, GDP growth is reduced The government doesn t want that At the same time, it does not want inflation making a comeback If the country had been in a recession, or even a depression, it might have taken the risk however, pump-priming is something the IMF will not stand for At the same time, Mr Aurangzeb would do well to keep reminding himself that everything is interconnected The PSDP must be maintained if growth is to be achieved, and for that, inflation must also be contained, so that interest rates can be brought down, both for the government and private-sector entrepreneurs It is no easy task, but it is not impossible

Dedicated to the legac y of late Hameed Nizami Arif Nizami (Late) Founding Editor

Trump by 59 percent-35 percent among Arab Americans, Biden is now losing to Trump by 32 percent-18 percent This was true but what was missed were the details that make this picture so much more revealing For example while not sure and third-party candidates received less than 10 percent support in 2020, that goes up to 50 percent this year The main reason for this is that 40 percent of Arab Americans say they are “not enthusiastic at all” about casting a vote in November while another 21 percent are “not really enthusiastic increasing the percentage of those who aren t sure for whom they ll vote (or if they ll vote at all) in November Importantly, the lack of enthusiasm is most evident among Democratic voters, 50 percent of whom aren’t “enthusiastic at all ” That’s only the case for 11 percent of republicans

The AAI poll also shows that 79 percent of Arab Americans have an unfavorable view of President Biden while 55 percent have an unfavorable view of Donald Trump Biden s negative ratings are largely driven by the 56 percent of Democrats who view him unfavorably on the other hand, Trump s numbers are higher because he retains the near total support

Polls provide snapshots of where voters are at any given moment. This poll confirms what we know President Biden is hemorrhaging Arab American voters because of his policies on Palestine

Twelfare of girls Components: Campaigns to change societal attitudes improve

services for girls and ensure their education Pradhan Mantri Ujjwala Yojana: objective: To provide LPG connections to women from below the poverty line households Impact: reduces health hazards from traditional cooking fuels and empowers women by improving their quality of life b Sukanya Samriddhi Yojana: objective: To encourage parents to build a fund for the future education and marriage expenses of their girl child Features: high-interest rate savings scheme, tax benefits, and partial withdrawal for higher education e Mahila e-haat: objective: To provide an online marketing platform for women entrepreneurs to sell their products Benefits: enhances market access for women entrepreneurs and promotes digital literacy c National Mission for empowerment of Women (NMeW): objective: To strengthen the overall processes that promote all-round development of women Components: Coordination and convergence of schemes across ministries legal and institutional support and capacity building d educational Initiatives: Kasturba Gandhi Balika Vidyalaya

(KGBV) objective: To provide educational facilities to girls belonging to marginalized communities Implementation: establishment of residential schools at the upper primary level for girls e National Scheme of Incentive to Girls for Secondary education (NSIGSe) objective: To promote enrolment of girls from economically weaker sections in secondary schools Incentive: Financial assistance and scholarships to eligible girls f employment and entrepreneurship: Stand Up India Scheme: objective: To facilitate bank loans between rs 10 lakh to rs 1 crore to at least one woman per bank branch for setting up greenfield enterprises Focus: Promotes entrepreneurship among women from SC/ST communities g health and Nutrition: Pradhan Mantri Matru Vandana Yojana

(PMMVY): objective: To provide cash incentives to pregnant and lactating women to improve their health and nutrition Benefit: Financial assistance for the first

eral significant hurdles that impede their progress and overall development here are some of the key challenges: a economic Barriers:

Dependency: Many women remain financially dependent on male family members due to limited access to education and employment opportunities employment Disparities: Women often face wage gaps, limited job opportunities, and are overrepresented in informal and unorganized sectors without job security or benefits Lack of Financial Inclusion: Access to financial services including bank accounts credit and loans is often limited for women hindering their ability to start and grow businesses b educational Barriers: Access to education: Although enrolment rates for girls have improved, dropout rates remain high, particularly at the secondary level, due to economic constraints, safety concerns, and household responsibilities Quality of education: Inadequate infrastructure lack of sanitation facilities and gender-insensitive educational environments can deter girls from continuing their education c health Barriers: Maternal health: high rates of maternal mortality and morbidity persist due to inadequate access to quality healthcare particularly in rural areas Nutritional Deficiencies: Women especially those in lower socio-economic groups often suffer from malnutrition impacting their health and productivity reproductive health: Limited access to reproductive health services and information restricts women’s ability to make informed decisions about their bodies and family planning d Legal and Political Barriers: Implementation Gaps: Despite progressive laws enforcement remains weak Corruption bureaucratic inefficiencies and lack of awareness impede the effective implementation of legal protections for women Political representation: Women

Daughters are blessings

Dr Kavita Kumari

The task is great but essential

CL i M At E change is perhaps the biggest global challenge we face nowadays an issue that has left no region or country untouched this is an additional factor that makes climate change such a puzzling issue with prospective impacts on the environment world economies and societies An overview will be useful of the effects causes and possible prevention plans of climate change where social change is deemed crucial the key factor that has been attributed to the current climate change is the elevation in the concentrations of greenhouse gases (GhGs) in the Earth’s atmosphere the greenhouse gases include carbon dioxide (CO₂) methane (Ch₄) and nitrous oxide (N₂O) which lead to the heat trap from energy of sun People have contributed plateaus to these gases, especially after the industrial revolution, through thermal activities

Emission of carbon dioxide to the atmosphere through use of fossil energy and as a fuel for vehicles is from burning of coal oil and natural gas Main sources of emissions are power plants, automobiles, airplanes, and industries where emissions are produced in large quantities as CO₂ Evergreen forests help in the absorption of carbon in the atmosphere through photosynthesis however large-scale deforestation for agriculture logging and urban development degrades this capacity and, subsequently, the ability of the earth to store CO₂ from the atmosphere decreases when this gas is released through processes such as decomposition of plant material Soil management and use of fertilizer are some of the factors that influence the release of greenhouse gases such as methane and nitrous oxide Meanwhile, livestock give out methane during digestion, and synthetic fertilizers emit nitrous oxide in the air improvements are needed in some industries like cement industries and chemical industries that display high emission of GhGs Further various industries emit chlorofluorocarbons (CFCs) and other gases that have a long life cycle, such as hydrofluorocarbons (hFCs) Climate change impacts are detected and

the observation indicates that they will be-

come worse in the future these effects are varied encompassing outcomes in ecosystems human well-being and finance the average planetary temperature has increased to what is estimated to be about 1°C the globe has warmed by 1 96°C since the preindustrial period which is causing more heatwaves this warming trend impacts ecosystems exposes people in habitation via increased vulnerability to heat related illnesses, and deaths there are effects such as hurricanes, floods, droughts and even wildfires which are related to climate change, since their occurrence is a result of an increase in the intensity of extreme weather these events lead to the destruction of infrastructure and displacement of major populations hence exposing individuals to the risk of being killed Oscillations in global temperatures, especially increased temperatures, lead to the melting of polar ice caps as well as glaciers and the rise in the temperature of sea water all of which cause sea levels to rise this poses challenges to coastal cities and small island nations and fosters enhanced flooding, shoreline eroding, and intrusion of saltwater into freshwater systems Species lost the ability to respond swiftly to alterations in climate; this has led to new patterns of the geographical distribution of species changes in migratory habits and higher death rates among species For instance coral reefs are very sensitive to temperature fluctuations and are seen to be evenly experiencing bleaching Climate change is a major factor leading to deterioration of health standards through negative impacts such as; poor qual-

ity air spread of diseases lack of adequate provisions of food and water Global warming further threatens the increase in the spread of infectious diseases such as malaria and dengue fever as the temperatures rise it is the biggest threat regardless of the economic implications of climate change Among the various challenges impacts on infrastructure reduced efficiency of the workforce and higher healthcare expenses affect countries economies fundamentally Population, agricultural and food securities are especially affected due to reduced crop production resulting from changes in the climatic conditions and harsh weathers reduction and prevention is the general approach used in mitigation as it is focused on decreasing emissions of GhG it is important for countries to move from the use of fossil fuels to the use of renewable energy and sources and these include solar energy, wind power, and hydroelectric power these technologies emit low or no GhG emissions and have improved on the cost aspect through the learning curve heat conservation is key but many also focus on improving efficiency of lights, machines, and vehicles in buildings, vehicles, and factories this includes efficient energy conservation through better insulated structures efficient appliances in homes and enhanced fuel conservation through improved vehicles this paper reveals that afforestation and forest restoration contributes to Carbon Storage therefore, efforts to safeguard the areas that are already being occupied by forests from giving way to the process of deforestation are equally as relevant Supporting institutions can use carbon pricing

Climate chang e is the one issue that has defined this centur y and needs to be addressed with a lot of seriousness and vim We are only at the beginning of our journey in dealing with this problem; however, tools that could help us combat this issue exist Minimizing fur ther emissions of GHG on the one hand, preparing for the chang es that cannot be avoided on the other, and involving the global community in the climate chang e process on the third, will help minimiz e the negative consequences of climate chang e and create the basis for a sustainable future

Entering the Muslim Q uar ter of the Old Cit y, thousands chant ‘D eath to Arabs’ and ‘May their village burn,’ as well as a par ticularly gruesome revenge song

threatened, bit and spat at Palestinians and

The only thing we can make of it is

marchers left behind

too the

piles of garbage by the Damascus Gate the leading symbol on the marchers’ shirts was the Kahanist fist the star of the show was the Kahanist-in-chief and convicted criminal itamar Ben-Gvir the man who boasted in 1995 We ll get to him, referring to Prime Minister Yitzhak rabin, who was assassinated by an israeli extremist just weeks later Ben-Gvir is, of course a leading member of the israeli Cabinet as national security minister Surrounded by his thugs he was in his element his message to Palestinians was chilling: in every house in Gaza and the north there are pictures of the temple Mount (Alharam Al-Sharif) and pictures of Jerusalem And we say to them that Jerusalem is ours the Damascus Gate is ours the temple Mount is ours today according to my policy Jews freely entered the Old City And on temple Mount Jews prayed freely We say in the simplest way, this is ours it required Prime Minister Benjamin Netanyahu to deny that the status quo at Al-Aqsa had been altered as no doubt Ben-Gvir intended he always looks to outflank Netanyahu with his base this was one bit of arson that not even Netanyahu seems ready to indulge in right now this annual bout of ultranationalist triumphalism is facilitated by the israeli authorities None of these extremists get arrested Nobody is held accountable the police made it clear they would not arrest anyone for racist chanting it is state policy to facilitate this intimidation and to encourage Palestinians to leave the Old City so that Jewish settlers can become the majority What have all the world leaders said about such marches? Absolutely nothing Not a word While damning largely peaceful marches in their cities they just ignore violent provocative racist rampages in the occupied part of the most-contested city on the planet in fact, these racist marches have become so normalized that much of the Western media also ignores them have Western leaders even sanctioned Ben-Gvir or his partner in crime Bezalel Smotrich the finance minister? is it any wonder that these leaders do so little as israeli forces enact in Gaza the very chilling threats these Kahanist racists were screaming in Jerusalem? they want villages to be burned in the West Bank just as refugee camps are being burned in Gaza right now this mirrors the way in which israeli lives are treated as more valuable than Palestinian lives it explains the silence after the UN releases estimates that half of Gaza s population will face death and starvation by midJuly is it any wonder that Western leaders celebrated the rescue of four israeli hostages while not even commenting on the more than 200 Palestinians killed in the process?

Chris Doyle is director of the Council for Arab-British Understanding in London X: @Doylech

NO W that Smriti irani has lost her Parliamentary seat, BJP need not feel disheartened for it has found her able replacement in Kangana ranaut And sure enough it started with a bang or rather the sound of a slap!

Barely a day or two into her MP-ship she got into the Chandigarh Airport episode however, unfortunately though not surprisingly, the entire narrative developing out of that episode is being presented entirely from Kangana’s perspective We are not even aware of the entire story or how the incidents unfolded to result in what we are told it did this is what we are told in the after-incident video that Kangana posted or was posted on her behalf, she says “hello friends! i am getting several phone calls from the media and my well-wishers Firstly i am safe and i am perfectly fine the accident that happened today at Chandigarh airport was during a security check As soon as i moved forward, the CiSF security guard at the other cabin waited for me to pass by her and then she hit me on my face She also abused me When i asked her why she hit me then she said that she is a farmer protest supporter And then she added, i am safe but my concern is, how are we going to handle the rise of terrorist and extremism in Punjab ” With this statement Kangana reportedly gives the impression that prior to the actual slap nothing untoward happened at

the airport check-up – at least there was nothing that she did which should have provoked Kulwinder to do what she did From Kangana s statement, it seems that if anything, Kulwinder ’s was a pre-meditated action, that she had already made up her mind to slap her Was it as simple and straight forward as this? Along with Kangana s statement we are also seeing a brief video clip that was being shown over and over again that video clip too does not help We are never able to learn the entire story or how the incident evolved And at no point does it reveal what transpired nor actually shows the instance of the slap We know that the slap did took place But it is bit hard to swallow that the moment Kulwinder saw Kangana, she went up to her and gave her one! We are only getting Kangana’s version of how as she passed Kulwinder when the latter came and hit her Kulwinder Kaur is not a green-horn security personnel We do not know how many years is she into her service but she is not a fresher for certain And so, she must be aware of the rules it is very much possible to accept that she already had an opinion about Kangana and even harboured a resentment against her –enough to remember the words Kangana had used about the women participating in the farmers protest And Kulwinder was also aware that not once had Kangana apologised for her shameless statement Even now when something must have happened – and i cannot imagine a something not happening – to provoke Kulwinder Kangana did not retract her farmers statement far less apologise for it the farmers protest statement was neatly side-stepped from the narrative Was there some discussion, some argument between the two? Was there some security request or routine regimen that Kangana did not wish to follow? Arrogant as Kangana is even otherwise and now possibly more so with her Loksabha victory, she was not inclined to follow the routine check-up Did Kulwinder insist on something to which Kangana responded by saying something unpleasant to her something irritating something enough to

infuriate Kulwinder? Or did Kulwinder actually confront Kangana with the latter s farmers statement? Kangana may have tried to avoid that Or she may have responded in the way that she does Far less apologise for that, Kangana actually stood by her earlier stand or even gone to the extent of giving Kulwinder a mouthful Disciplined soldier as Kulwinder must be we are not getting her side of the story And so we can only conjecture But there must be her side of the story She couldn t have just given into one maniac moment and put her career and her future are at stake there must be a proper logical sequence to or explanation for what happened at the Chandigarh airport We may not readily get to hear about it Kangana

HHe congratulated South Africa on its smooth general election and commended the African National Congress (ANC) for continuing to play a leading role in South African politics as the largest party Wang expressed the belief that the ANC will stay true to its original aspiration hold firm to its belief and continue to lead the South African people towards greater achievements in building a unified stable and prosperous nation Wang pointed out that the historic expansion of the BRICS mechanism announced in South Africa has further inspired solidarity among the Global South He called on the two sides to strengthen high-level exchanges consolidate political mutual trust plan for the next phase of institutional bilateral exchanges and continue to firmly support each other on issues related to each other s core interests Hailing China-South Africa cooperation as large-scale, wide-ranging and high-level, Wang said bilateral cooperation has brought tangible benefits to the two peoples China is ready to synergize the development strategies of the two countries and improve the top-level design for their future cooperation he said stressing that China values South Africa s role as a major developing country and is willing to strengthen multilateral coordination and provide objective, balanced and constructive perspectives on hot-button issues like the Ukraine crisis in order to contribute to world peace and stability

Out Migration Back to Peak Levels: Over 850,000 workers left country in 2023

GOVT TO INITIATE CRACKDOWN ON SALE OF SMUGGLED FUEL: DG EXPLOSIVES

I R E C TO R

NHA resolves complic ated issues related to Peshawar Nor thern Bypass projec t

the past three years

National Highway Authority (NHA) has made remarkable strides in addressing and resolving complex issues related to the Peshawar Northern Bypass project These accomplishments represent significant progress in enhancing the region's infrastructure, reducing traffic congestion, and promoting economic growth One of the major challenges resolved was the issue of land possession in Package-2 and 3A NHA effectively coordinated with district government officials to address these issues, facilitating smoother project execution This coordination ensured that land in Mouza Charpariza, Karniza, Daag, Khappa, and Patwar Payan under Package2 was fully awarded and handed over to the contractor Similarly land in Mouza Badezai for Package-3A was awarded and handed over in August 2023 achieving complete land possession for the contractor NHA also successfully addressed the stoppage of work on two bridges inPackage-3A Construction had been halted since 2021 due to local land disputes and court stay orders but these issues have now been resolved allowing the bridges construction to be completed Additionally the contract agreement for Package-3B was revived after the District Government assured land provision, overcoming legal and administrative hurdles P R

Cultural troupe from Lahore to renew artistic glory at NAPA

09:30

to 11:30 AM in all 06 Operational Circles of IESCO Operational Circles Incharge will attend

complaints

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calls Islamabad Circle customers can participates in

E-Kachary by using face book ID

IESCO Islamabad EKachery Phone No 051-9260194 For Rawalpindi City Circle SE IESCO Rawalpindi-City E-Kachery Phone No 051-9292675 For Rawalpindi Cantt Circle SE IESCO Rawalpindi-Cantt E-Kachery Phone No 051-9293048, For Attock Circle, SE IESCO Attock E-Kachery Phone No 051-4950343, For Chakwal Circle, SE IESCO Chakwal EKachery Phone No 0543-668500 For Jhelum Circle SE IESCO Jhelum E-Kachery Phone No 0544-9270377 Valuable customers are requested to

KARACHI: A cultural troupe from the Walled City of Lahore is to visit Karachi at the end of this month and perform at the National Academy of Performing Arts-NAPA from 27 to 30 June This was announced by the CEO-NAPA Junaid Zuberi in a press conference on Tuesday Flanked by the head of music, Hamza Jafri, and NAPA s music coordinator Arsalan Pareyal, Junaid Zuberi said the troupe would bring traditional performances of Kathak Bharat Natyam folk singing and dancing to Karachi Named Renewing Glory the show has been curated by Kamran Lashari director-general of the Walled City of Lahore Authority-WCLA It has been showcased in Lahore Fort earlier and now, for the first time, it would be staged in Karachi Giving out the details of the show, Hamza Jafri said the entire team of 31 performers included kathak and bharat natyam dancers folk singers folk dancers and a variety of folk drummers He said the program would be divided into four segments, two for classical dances, one for folk singing, and the last one for drum performances For four days, this show would be staged at NAPA’s Zia Mohyeddin Theater Kamran Lashari would also make a presentation about his project of cultural restoration of Lahore s Walled City A show reel about the program was also presented at the end of the press conference PR

PM&DC holds symposium to enhance quality of medical journals

ISLAMABAD: Pakistan Medical and Dental Council (PM&DC) and King Edward Medical University (KEMU), held an important event aimed to address and improve the standards of medical publications in Pakistan A symposium/one-day training workshop on Accreditation transparency capacity building and enhancing the quality of medical journals was held at KEMU Almost 200 participants attended the symposium across the Punjab Province The symposium/workshop was based on presentations and panel discussions on global best ethical practices improving the editorial process managing peer reviews and ensuring unbiased publication Strategies to improve the indexing of medical journals in international databases like PubMed, Excerpta medica, Index Medicus and Scopus The objective of the symposium/workshop was to discuss strategies to enhance the quality of medical journals ensuring rigorous peer review processes ethical publication practices and adherence to international standards Provide training and development opportunities for editors reviewers and authors to improve their skills and knowledge PR

IIUI President inaugurates science technology & business space at new campus I S

Dr Hathal Homoud Alotaibi inaugurated the Science Technology & Business Space (STBS) at the new campus of the International Islamic University (IIUI) on Tuesday The event was attended by key IIUI officials including Vice President Administration & Finance/Academics Prof Dr Abdul Raheman Vice President Research and Enterprise Prof Dr Ahmed Shuja Syed Director Business Incubation Centre Engr Ahsan Mirza Incharge Female Campus Dr Summiya Chughtai, and Director ORIC, Prof Dr Muhammad Amir During the inauguration, the IIUI President emphasized the role of the STBS as a bridge between academia and industry facilitating interaction among faculty researchers and students on various technological and non-technological projects He highlighted the importance of universities understanding their roles and aligning with modern trends The IIUI President stated that the university is focusing on innovation, industryacademia linkage, and societal service PR

O W M U C H S A L A R I E S , P E N S I O N S W I L L

in December 2023 shifting the entire Sukuk auction system to the PSX The Fiscal Responsibility and Debt Limitation (FRDL) Act 2005 defines “Total Public Debt” as the debt owed by the government including the Federal Government and Provincial Governments serviced out of the consolidated fund, and debts owed to the International Monetary Fund The external public debt for the nine months of the current fiscal year was $86 68 billion up from $84 05 billion at the end of the last fiscal year Key sources of Pakistan s external public debt include loans from multilateral development partners like the IMF (53 percent) and bilateral countries (21 percent) These loans are concessional featuring long tenors and low-interest rates Deposits from China and Saudi Arabia account for 10 percent of the external debt, but these are short-term loans for balance of payments and budgetary support

posting a growth of 1 21 percent The Economic Survey 2023-24 expressed confidence in future prospects, highlighting that economic activities were gradually improving inflation was trending downward and the external sector had stabilized The Economic Survey 2024 noted that the manufacturing and mining sectors contributed significantly to the GDP, accounting for 13 6 percent in FY2023-24, with potential for further growth These sectors witnessed growth of 2 4 percent and 4 9 percent respectively in the nine months of the current fiscal year, compared to declines of 5 3 percent and 3 3 percent last year

The manufacturing sector is dominated by Large-Scale Manufacturing (LSM) which accounts for 69 3 percent of the sector and contributes 8 2 percent to the overall GDP Small-scale manufacturing and slaughtering comprise 19 5 percent and 11 3 percent of the

tition

and higher power tariffs leading to a reduction in production The discontinuation of the Export Finance Scheme and high interest rates further exacerbated the situation

During the nine months 11 out of 22 LSM sectors witnessed growth including food wearing apparel leather wood products coke and petroleum products, chemicals, pharmaceuticals,