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4PHASES OF INDUSTRIAL DEVELOMENT077DEVELOPMENT IN DIFF INDUSTRIES20 No economy can even dream for economic prosperity without developing its industrial sector At the time of partition in 1947 Pakistan was inherited highly discouraging industrial assets The newly created country commenced its industrial move in these hopeless economic and industrial circumstances We have no doubt developed in industrial sector like other sectors of the economy Today we are self-sufficient in various manufactured goods Nevertheless it cant be denied also that Pakistan has not industrially developed as it should have been during past 52 yearsDuring this intial period private sector of Pakistan was lacking not only in capital but also in experience and thereby it couldnt play its role that can be mentioned In the light of this problem the Government of Pakistan established PIDC1 Pakistan Industrial Development Corporation in 1952 This developed confidence among the industrialists and investors After two decades Pakistan achieved self-sufficiency in various consumer goods but still we were lacking in key raw materials like coke steel and iron etc In 1973 this dream was also culminated into reality and with the technical and financial co-operation of USSR Now Russia the foundation stone of Pakistan Steel Mills was laid down and today this largest project of country has been supplying steel and other allied productionsAlthough the nationalization policy of Zulfiqar Ali Bhutto government2 in October 1972 shattered the confidence of investors to a great extent the industrial policies of 1984-onwards caught hold of the sinking vessel of the economy of Pakistan After the May 1998 post-nuclear achievements economic sanctions weakened the recovery in this sector Factors like economic sanctions3 side effects of the measures taken by the government to minimize the adverse effects of the sanctions especially freezing of FCAS decline in domestic and foreign investment due to uncertain economic environment and lower demand for Pakistan exports caused by global economic recession4 adversely effected the growth of industrial sectorNow the present
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