Big industry contracts by 25pc in March

Large-scale manufacturing (LSM) shrank 25 per cent in March over the same month last year, the highest monthly decline since the Covid-19 pandemic, showed data released by the Pakistan Bureau of Statistics on Monday. The big industry production contracted for the seventh consecutive month of the current fiscal year mainly contributed to a slowdown in the production of export-based textile and clothing industries. The decline in export proceeds also reflected that overall economic growth will decline in the coming months. It is believed the slowing down of big industries has rendered a large number of workers jobless. It is estimated that the fourth quarter (March-June) of 2022-23 will be more disturbing owing to the discontinuation of subsidised energy to industries along with the highest-ever cost of raw materials and other inputs due to the depreciation of the rupee and high energy costs.