Question: Which Industry Is The Backbone Of Pakistan Economy?

What is the main industry in Pakistan?

Cotton textile production and apparel manufacturing are Pakistan’s largest industries, accounting for about 65% of the merchandise exports and almost 40% of the employed labour force.

Cotton and cotton-based products account for 61% of export earnings of Pakistan..

Which is the biggest company in Pakistan?

OGDC is the largest company in the country by market capitalisation as well as being the largest domestic oil producer. It is owned by the government of Pakistan.

What is the main source of income in Pakistan?

Cotton textile production and apparel manufacturing are Pakistan’s largest industries, accounting for about 66% of the merchandise exports and almost 40% of the employed labour force. Other major industries include cement, fertiliser, edible oil, sugar, steel, tobacco, chemicals, machinery, and food processing.

Is Pakistan a third world country?

In the aggregate socioeconomic index of development, Pakistan has the strongest position in the 3rd world. It is clear from the clustering results that Pakistan, in general, is more similar to the African developing countries than to the countries of her own region.

What type of economy is Pakistan?

After several experiments in economic restructuring, Pakistan currently operates a mixed economy in which state-owned enterprises account for a large portion of gross domestic product (GDP). The country has experimented with several economic models during its existence.

Which industry is growing the fastest in Pakistan?

Despite, these are many sectors in Pakistan that are underdeveloped but these five sectors including; FMCG, Chemicals and Fertilizers, Automotive, Textile and Energy/Petroleum are the most growing and profitable in Pakistan.

Which city is famous for textile industry in Pakistan?

FaisalabadThe reason Faisalabad is called Manchester of Pakistan because it’s the biggest textile city of Pakistan and all the industries here related to textiles and same is Manchester in UK so these cities are also named as Twin cities. After Lahore, Faisalabad is famous for its food.

Which industry is the backbone of Pakistan?

AgriculturalAgricultural is the backbone of Pakistan’s economy. About 68% of the population is engaged in farming directly or indirectly through production, processing and distribution of major agricultural commodities.

What is the backbone of Pakistan economy?

Agriculture is considered the backbone of Pakistan’s economy, which relies heavily on its major crops. Pakistan’s principal natural resources are arable land and water. Agriculture accounts for about 18.9% of Pakistan’s GDP and employs about 42.3% of the labour force.

What are major sectors of the economy of Pakistan?

Economy of PakistanStatisticsGDP by sectorAgriculture: 18.74% Industry: 19.74% Services: 61.52% (2019 est)Inflation (CPI)8.2% (August 2020)Base borrowing rate7.00% (September 2020)Population below poverty line35.1% on less than $3.20/day (2015) 0.5% in extreme poverty (December 2020) (World Poverty Clock estimate)36 more rows

Which crop is the backbone of Pakistan?

cottonFor the crop protection industry cotton is by far the main crop in Pakistan. It is planted in the province of Punjab (72% of cotton area) and Sindh. For the farmers in Pakistan it is an important cash crop – known as “white gold” – significantly contributing to the national economy.

Which work is best in Pakistan?

The best-paying jobs in PakistanAccountant.Architect.Neurosurgeon.Financial Analyst.Lawyer.Electrical Engineer.Software Engineer.Project Manager.