Government should come out with suitable economic package for local industries in upcoming budget of 2012-13 because decline in the industrial sector growth has been one of the major reasons of the lowest GDP growth rate of Pakistan in the region during the last four years.

There has been a lot of lip services at the highest levels about industrial development of Pakistan but it was accorded least priority, thus, micro and macro level strategies are needed to be re-developed for comprehensive industrial revival to achieve sustainable industrial growth, Yassar Sakhi Butt, President Islamabad Chamber of Commerce & Industry has said, addressing a group of industrialists at Chamber House.

The President ICCI was expressing concern over negative growth of manufacturing sector which fell from 2.9 percent to 2.4 percent and said that the country is in dire need of a result and growth oriented Industrial development strategies to get out of the economic crisis. He said that over the last four years the contribution to GDP made by the manufacturing sector has been stagnant due to increase in gas and electricity tariffs and load shedding which have put existing industries under great pressure.

Yassar Sakhi Butt said that Government should announce a suitable incentive package for the industry in the forthcoming budget to stabilize the faltering economy. He said that governments of Malaysia and Bangladesh in their industrial development plan, have given various incentives to industrial units.

He said that our local industries are being burdened with heavy taxes and duties that make them even more uncompetitive with neighboring countries like India, China and Bangladesh. Therefore, now the Government should devise pro-industry policies and rationalize taxation system to improve this important sector, he maintained.

ICCI President also proposed to form core groups of the representatives of Chambers and Associations to discuss one point agenda for finding out workable solutions of industrial revival.