ISLAMABAD (PPI) - Banking sector should take necessary measures to strengthen the industrial sector. Banking spread has remained very high in Pakistan due to high mark-up rate which was hampering industrial growth while ensuring huge profits for the banks. Mahfooz Elahi, President ICCI, made these remarks while addressing the business community at the Chamber. Considering the current economic slowdown, the SBP should make a big cut in the discount rate to provide relief to industry that was facing various problems, he added. He cited the example of United States and India, where banking spread was only 3.3 percent and 4.6 percent respectively while overall banking spread stood at 7.6 percent in Pakistan as compared to 7.25 percent recorded in 2010. He was of the view that high banking spread would encourage the small depositors to spend their savings instead of depositing the same for future returns. He said that the government had dclared year 2010 as the Year of Industrial Revival but no relief was provided to ailing industry. He urged the central bank to reduce the banking spread which was a prerequisite to accelerate economic activity.