ISLAMABAD:Local tractor assembling witnessed about 16.22 percent growth during last fiscal year (2021-22) as compared the corresponding period of last year.
During the period from July-June, 2021-22, about 58,922 tractors were locally assembled as against the assembling of 50,700 tractors of same period last year, according the data of Large Scale Manufacturing Industries.
During last fiscal year, the upsurge of tractor assembling was mainly attributed to the government’s incentives for the farming communities to mechanization local agriculture sector by reducing tax on locally manufacturing tractors.
Meanwhile, on month on month basis, domestic tractors output grew by 41.1 percent increase in June 2022 as against the assembling of same month of last year.
In June 2022, about 7,150 tractors were locally assembled as compared the assembling of 5,066 tractors of same month of last year.
During the period under review, automobile sector witnessed about 24.6 percent growth as local output of cars, 50.89 percent, jeeps grew by 50.50 percent and light commercial vehicles production increased by 37.71 percent.
The domestic assembling of trucks and buses also increased by 52.60 percent and 18.78 percent respectively during the period under review as compared the same period of last year.
It is worth mentioning here that Quantum Index Numbers of Large Scale Manufacturing Industries (QIM) estimated for July-June, 2021-22 at 160.2.
The overall Large Scale Manufacturing Sector has shown a growth of 7.7% during July-June 2021-22 when compared with the same period of last year, where as the QIM estimated for June, 2022 was at165.6.
During the period under review, the LSMI output increased by 14.2% for June, 2022 when compared with June, 2021 and 8.2% when compared with May 2022.