Annual Armed Forces Day, Iran

The administration continues to follow the market reform plans of the previous one and indicated that it will diversify Iran's oil-reliant economy. Iran has also developed a biotechnology, nanotechnology, and pharmaceuticals industry. The strong oil market since 1996 helped ease financial pressures on Iran and allowed for Tehran's timely debt service payments.
Iranian budget deficits have been a chronic problem, mostly due to large-scale state subsidies, that include foodstuffs and especially gasoline, totaling more than $84 billion in 2008 for the energy sector alone. In 2010, the economic reform plan was approved by parliament to cut subsidies gradually and replace them with targeted social assistance. The objective is to move towards free market prices in a 5-year period and increase productivity and social justice.
Over the past 15 years, the authorities have placed an emphasis on the local production of domestic-consumption oriented goods such as home appliances, cars, agricultural products, pharmaceutical, etc. Today, Iran possesses a good manufacturing industry, despite restrictions imposed by foreign countries. However, nationalized industries such as the bonyads have often been managed badly, making them ineffective and uncompetitive with years. Currently, the government is trying to privatize these industries, and, despite successes, there are still several problems to be overcome, such as the lagging corruption in the public sector and lack of competitiveness. Iran ranks 69th out of 139 in Global Competitiveness Report.
Iran has leading manufacture industry in the fields of car-manufacture and transportation, construction materials, home appliances, food and agricultural goods, armaments, pharmaceuticals, information technology, power and petrochemicals in the Middle East.