A report on the benefits of the Bearing Specialists Association (BSA) 2011 Distributor Survey revealed robust sales and an improving economy. The initial critical element in the strategy of industrialization for the Third Strategy is a shift in emphasis from consumer goods to capital goods market to preserve the contribution of the industrial sector to the savings work and to extend the import substitution programme more than a much wider front. Experience shows that the big scale industrial sector which saved and re-invested practically 75 per cent of its income was generating a handsome contribution to the domestic savings work.
The technique of industrialization for the IMd Strategy flows inevitably from the lessons learnt from market improvement in the last one particular and a half decade and the industrial targets set for the next 20 years under the Point of view Plan. The fifty Plan provided for an industrial investment of Rs. 40 billion at 1977-78 costs, of which Rs. 19 billion was earmarked for the private sector. This of course reflected the government’s desire to assign a major role to the private sector in industrial development. PIDC played a important and pioneering part in establishment of industrial base in Pakistan.
Throughout the period 1977-78 to 1982-83, the industrial sector knowledgeable an all round annual growth of 9 per cent and the big scale manufacturing value added grew at an typical of ten per cent against the planned target of 12 per cent. Due to the fact new technologies opened spaces,” McLuhan thought that technological was a neutral” force of human evolution.
Over the years, however, the Bank has emerged as an institution fostering the development and development of SME sector stimulating industrial progress in the rural/significantly less developed regions of the country besides providing profitable opportunities to the residence-holds and institutions for the investment in its deposit schemes. It extends technical, financial and managerial advice to its clientele in arranging and execution of the industrial projects. In the past, new technologies have been used to overpower or even enslave men and women.
For attaining its objectives, the Bank supplies medium and lengthy term finance in local and foreign currencies for the creation of fixed assets to new industrial projects as well as for expansion, balancing, modernization or replacement of existing projects. It also facilitates transfer of technologies from developed countries to industrial enterprises in Pakistan.