The Punjab Government has allowed the conversion of agricultural land for an industrial project. A Chinese company has announced to launch a mega project with Rs25 billion in Muaza Pandoki, Lahore.
The Government has granted permission for conversion of the use of 450 Kanal agricultural land for industrial purposes under Lahore Development Authority (LDA) Land Use Rules-2020 and received about Rs31 million commercialisation fee. As per rule 13 of the LDA land use rules-2020, any industrial project worth Rs5 billion to Rs6 billion (minimum) on land measuring more than 160 Kanal is allowed to be launched on agricultural land in a bid to attract local and foreign investment and provide jobs to the unemployed people. The permission has been granted on a condition that the nature of the industry should be risk-free and no hazardous activity will be performed on the proposed land.
Pakistan’s agriculture sector plays a central role in the economy as it contributes 18.9 percent to GDP. However, the agriculture sector cannot move forward without industrial development. The industrial sector helps to create the overall wealth of the nation by uplifting other sectors of the economy by creating demand for products, raising revenue from taxes, and creating jobs etc. Given the importance of the industrial sector, the government is focusing on the development of the industrial sector. Pakistan needs more foreign investment in the industrial sector as it is an import and consumption-led economy and mega industrial projects like this are the steps to move towards an industrialized state.
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