Abstract:
Industrialization has always been considered as the rapid road to economic development in Pakistan. Pakistan’s ruling classes, from the earliest days, had the firm belief that industrialization was the only road to development. The government then embarked on an ambitious industrialization program in the very first decade of the country’s existence. As a, matter of fact, industry was given the priority over agriculture. Cotton based industries are an integral part of the country’s manufacturing sector. Cotton products are especially vital for the economy as they are exported in large quantities, and are a lucrative source of foreign exchange. Cotton textile industries were amongst the first to be set up in the country, and the production of these industries witnessed tremendous increases during the early 1950’s. Growth rates stagnated in the second half of the decade. As the effects of the Korean boom began to wear off, cotton production stagnated. Although textile industry has played a vital role in the economy of Pakistan and has a major share in Pakistan‘s export but still it facing different problems. The major problem faced by the industry is the stagnation of Pakistan Textile Export share in the world trade. There are many sick units in the industry and factors like timely BMR, no value addition, etc are the reasons of the sickness of the units. There is a need to take steps to cure the sick units before it gets too late. The industry needs to do value addition in products; investments are needed in the right direction to revive the sick units. Well qualified employees are the requirement of today in order to have quality products and to increase the productivity of the textile sector. Therefore, alot of steps are required in order to make textile industry use its full potentials and to get out of stagnation.
