Economy of Karachi
[6] In 2010, research by the global human resources company Mercer found Karachi to be the most inexpensive city in the world.
Textiles, cement, steel, heavy machinery, chemicals, food, banking and insurance are the major industrial sectors contributing to Karachi's GDP.
In line with its status as a major port and the country's largest metropolis, it accounts for most of Pakistan's revenue generation.
The recent trend of ICT (information and communications technology), electronic media and call centres has become a significant part of Karachi business hierarchy.
As a sign of the growing strength of the electronic media sector, GEO TV is planning to start an additional 10 channels and for this purpose is setting up a 50-acre (200,000 m2) studio in the city.
International magazine "Business Week" declared KSE as one of the Best Performing Markets of the world.
Similarly, the US newspaper "USA Today" termed Karachi Stock Exchange as one of the best performing bourses in the world.
Other industrial zones are located in Landhi, Korangi, FB Area, North Karachi and Port Qasim.
The manufacturing plant located in Bin Qasim has a production capacity of 150,000 vehicles per year.
Among others, Millat Tractors, Daihatsu, HinoPak Buses and Trucks manufacturing plants are also located in Karachi.
Work is being done to promote the development of higher value added textile products, most notably by Ayesha Tammy Haq, an attorney who also has a television talk show.
That alone causes a spread of issues branching from flawed allocation of funds and representation in Parliament to housing, to mass transit, to environment and just about every facet of life in urban and suburbs.
Beyond that the city faces governance crisis bound by provisions of 18th Amendment in Constitution of Pakistan, giving all local body formation powers in hand of Province, with absolutely no room for intervention by federation; Rendering it a provincial dictatorship.
Sindh Local Government Act 2013, thereby took away major municipal authorizations from Karachi Metropolitan Corporation under Mayor's Office, including planning and development, building control, solid waste management, water supply, sewerage and the like.
This, along with presence of 6 cantonment boards covering allegedly at least 60% of city, introduced a divide in city's management and thence centralizing the co-ordination in hands of provincially administered bodies;[34] The damage of which was evident from chaos prevailing after August 2020 record rains and urban floods bringing commercial activity and peace to a halt, killing over 100 and displacing thousands.
