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Different Phases of Industrial Development in Pakistan: Phase 1 (1947-1957): This phase started from 1947 ended to 1958. The empire spent considerable resources building roads and maintaining them throughout India. The Indian leaders continued to create difficulties for Pakistan in the hope that Pakistan would not survive for long. The countries achieved balanced growth in various sectors of the economy. The Cambridge Economic History of India: Volume 2, c.1751-c.1970 (1983). Five decades later, the manufacturing production index is 12,000 with the base of 100 in 1947. , Yet, sound structural policies coupled with improved economic management accelerated growth between 2002 and 2007. Last year Pakistan has successfully marked its 69 th year of independence and now it is in its 70 th year. In the last over three decades , the contribution of industrial sector to GDP is only 18.5% which by any standard is not satisfactory . In order to expand the scale of production, private enterprises were encouraged to set up industries excluding the manufacture of arms apparatus. More: Obstacles to Economic Development in Pakistan, Really great job because I made my project it helped me very much I am really greatful to you guys thanks a lot, Nice Information.... but most of the data is copied from the Rawalpindi Chamber of Commerce and Industries annual reports. 1277.0 crore) was incurred for the growth of manufacturing sector. Different Phases of Industrial Development in Pakistan. In the Second Five-Year Plan, an allocation of Rs. Growth of industrial sector from 1947 to 1950.  In addition, from the late 18th century, the British cotton mill industry began to lobby the government to both tax Indian imports and allow access to markets in India. Present Growth Pakistan's Industrial Sector. PTCL was privatized in 2005, and boosted revenue of over $1 billion. Spread over 1700 acres, Quaid-i-Azam University was constructed in 1967. Performance of industrial sector in 1960s. The rate of inflation fell, while the investment rate grew to 23 percent of GDP, and an estimated $14 billion of foreign private capital inflows financed many sectors of the economy. Despite this, Pakistan's average economic growth rate since independence has been higher than the average growth rate of the world economy during the same period. 5 of 1974, the government transferred the major projects to new Corporation. However, decades of corruption and internal political conflict have usually led to low levels of foreign investment … Pakistan experienced remarkable development-oriented structural transition ─ GDP share of agriculture declined from 53% in 1947 to 21.2% in 2010, GDP share of industry rose from 9.6% in 1949-50 to 25.4% in 2010, and GDP share of the services rose from 37.2% in 1950 to 53.4 % in 2010.78. There was an increase in employment. The share of industrial sector was 18.2 percent of the GDP in 2003-04. Since independence, economic growth has meant an increase in average income of about 150 percent from 1950 to 1996, But Pakistan like many other developing countries, has not been able to narrow the gap between itself and rich industrial nations, which have grown faster on a per head basis. Exports stagnated and Pakistan lost its market share in a buoyant world trade environment. The government also set up an Industrial Finance Corporation and an Industrial Investment and Credit Corporation in 1948. Pakistan developed the first motorway in South Asia in 1997; today it has expanded to a 1,502 km long network.  Balance of payments concerns have also reemerged as a result of a significant increase in imports and weak export and remittance growth. Since the division of the Subcontinent, the Government of Pakistan has been utilizing all available resources domestic as well as external for rapid development of the manufacturing sector. " A devastating famine also broke out on the eastern coast in the early 1770s, killing 5 percent of the national population. The Development Board was established in 1984 to help with the implementation of these steps. Bhutto's government also failed to meet distributional objectives. The recurring floods, successive years of drought, and political unrest slowed the pace of development in all the sectors of the economy. Along with heavy investment in manufacturing, Ayub's policies focused on boosting Pakistan's agricultural sector. All revenue collection targets were met on time and allocation for development was increased by about 40 percent. The purpose of this talk is to analyze how much has India really achieved in the last 55 years in fulfilling the aspirations on which it was founded. Under Muhammad Zia-ul-Haq, "many of the controls on industry were liberalized or abolished, the balance of payments deficit was kept under control, and Pakistan became self-sufficient in all basic foodstuffs with the exception of edible oils. Between 1949-50 and 1969-70 the economy made considerable progress in industrial, commercial, and also agricultural development. ... rapidly increase the rate of development of east Pakistan. Importance of Industrial Sector For A Country. Pakistan's economy recovered significantly during the 1980s via a policy of deregulation, as well as an increased inflow of foreign aid and remittances from expatriate workers. The advantages of technological change were channeled into agriculture.  In its calculations, the Pakistan Institute of Development Economics pointed out that the "nation's currency in circulation as a percentage of total deposits is 31 percent, which is very high compared to India," and its tight monetary policy has been unable to tame inflation, and only slowed down economic growth because the private sector is no longer playing a key role. The growth of large scale manufacturing slowed down to an average of 4.7 percent in the first half and further to 2.5 percent in the second half of the 1990s. Since the division of the Subcontinent, the Government of Pakistan has been utilizing all available resources domestic as well as external for rapid development of the manufacturing sector. Introduction: Since the Industrial Revolution, industrialization has been regarded as essential for a country's rapid development. However, decades of corruption and internal political conflict have usually led to low levels of foreign investment and underdevelopment. The GDP growth rate sank to 4 percent and Pakistan faced persistent fiscal and external deficits, triggering a debt crisis. In the last over three decades, the contribution of industrial sector to GDP is only 18.5% which by any standard is not satisfactory . Pakistan at the time of partition in 1947, had negligible industrial base. , During the Maurya Empire (c. 321–185 BC), there were a number of important changes and developments in the Indian economy. Out of 921 industrial units operating in the British India, Pakistan got only 34 industries, i.e. industrial share is 20.9% while services sector share is 57.7% of the GDP. See also. Two wars with India - the Second Kashmir War in 1965 and the separation of Bangladesh from Pakistan also adversely affected economic growth. Mughal India was now the world's largest economy, responsible for almost a quarter of global production, as well as a sophisticated customs and taxation system within the empire. This phase started from 1947 ended to 1958. Performance of industrial sector from July 1977 onward. Major heavy mechanical, chemical, and electrical engineering industries were immediately nationalized, as were banks, insurance companies, educational institutions, and other private organizations. Sixty million of the ninety-f… Its citizens practised agriculture, domesticated animals, made sharp tools and weapons from copper, bronze, and tin, and traded with other cities.  Pakistan's five-year plans opted for a development strategy based on industrialization, but the major share of the development budget went to West Pakistan, that is, contemporary Pakistan. Pakistan's GDP growth has been gradually on the rise since 2012 and the country has made significant improvements in its provision of energy and security. in Pakistan Since 1947 Muhammad Ijaz Contents Background Concept of Democracy and its Evolution British Heritage of Democratic Institution Pakistan inherited Colonial Legacy Early Applications of Democracy in Pakistan. Evolution of Democracy. Get help with your writing. has helped in import substitution and has saved a substantial amount of foreign exchange. " In his 2016 book, The Rise and Fall of Nations, Ruchir Sharma opined that Pakistan's economy is in its 'take-off' stage and termed the future outlook for 2020 'very good,’ predicting that Pakistan would transform from a "low-income to a middle-income country during the next five years. The main factors that contributed to rapid economic growth were monetary policy, financial discipline, consistency and continuity of development policies, strengthening of domestic demand, continuously improving macro economic environment, and a stable rate global expansion of markets due to liberalization of trade in 2005. Statue of a bull outside Islamabad Stock Exchange, Following a military coup in October 1999, Pervez Musharraf became the President of Pakistan in 2001 and worked to address the challenges of "heavy external and domestic indebtedness; high fiscal deficit and low revenue generation capacity; rising poverty and unemployment; and a weak balance of payments with stagnant exports. While British colonial rule stabilized institutions and strengthened law and order to a large extent, British foreign policy stifled India's trade with the rest of the world.  Without a substantial industrialization program or adequate agrarian expansion, the economy of East Pakistan steadily declined. The Pakistani rupee has remained relatively stable against the US dollar since 2015, though it declined about 10 percent between November 2017 and March 2018. The main obstacles which have slowed and retarded industrial development in Pakistan are as follows: , The partition of British India and the emergence of India and Pakistan in 1947 severely disrupted the country's economic system. The Government of Pakistan since 1947 is trying to develop industries and infrastructure facilities for the growth of industrial sector, yet it has not achieved success to the desired extent. Although Pakistan missed several structural reform criteria, it restored macroeconomic stability, improved its credit rating, and boosted growth. Since the country's independence in 1947, the economy of Pakistan has emerged as a semi-industrialized one, based heavily on textiles, agriculture, and food production, though recent years have seen a push towards technological diversification.  On 7 November 2016, Bloomberg News also claimed that "Pakistan is on the verge of an investment-led growth cycle. Economic Profile Pakistan 1947-2013 Pakistan got its independence from the British occupation on 14th August 1947. 185.11 crore was allocated to the growth of industrial sector. 3000 km long China–Pakistan Economic Corridor construction began in 2015. Instead, the factories were all situated in areas which wound up as part of India. " As a result, Pakistan's rate of GDP growth rose to an average of 6.5 percent per annum in the 1980s. Economic mismanagement in general, and fiscally imprudent economic policies in particular, caused a large increase in the country's public debt and led to slower growth in the 1970s. Bonus vouchers facilitated access to foreign exchange for imports of industrial machinery and raw materials. Monsoon floods between 1951–52 and 1952-53 created further economic problems, as did uneven development between East and West Pakistan. Average annual growth fell to 4.6% in the 1990s with significantly lower growth in the second half of that decade. Pakistan's economy was quickly revitalized under Ayub Khan, with economic growth averaging 5.82 percent during his eleven years in office from 27 October 1958 to 25 March 1969. Not a single prime minister was strong enough to pursue the industrial policy well. , According to Muhammad Abrar Zahoor, the nationalization of industries can be divided into two phases. The share of industrial sector to GNP went up to 11.8 percent from 1960 to 1965.  These gains can be attributed largely to debt reduction and economic reforms, but also to the procurement of billions of dollars' worth of U.S. aid to Pakistan in return for Pakistan's support in the US-led war on terror. Although the stock market did improve in Sharif's second term and inflation was contained at 3.5 percent, as opposed to 7 percent in 1993–96, Pakistan still experienced low development and high unemployment.. Since emergence of the state on the political background of the world, economically, it has experienced a bumpy ride all together. Nearly seventeen million people-Hindus, Muslims, and Sikhs-are reported to have moved in both directions between India and the two wings of Pakistan (the eastern wing is now Bangladesh). Former East Pakistan was the main producer and supplier of jute. Tax concessions were also offered for investment in less-developed areas. Benazir Bhutto twice led the country during this period and promoted social-capitalist policies. ... An overview of Pakistan’s economy The industrial sector of the country contributes to 20 percent of GDP. The exchange rate also remained fairly stable throughout this period. Pakistan's reserves increased from US$1.2 billion in October 1999 to US$10.7 billion on 30 June 2004. every thing is best in this website ang ofcours grea8 think to know about in pakistan i voted this website, Obstacles to Economic Development in Pakistan. Per capita GNP growth rate from 1985 to 1995 was only 1.2 percent per annum, substantially lower than India (3.2), Bangladesh (2.1), and Sri Lanka (2.6). The share of industrial sector to GDP rose from 9.7 percent in 1954-55 to 11.9 percent in 1959-60. The country had to fight a war with India in 1970. Steel, cement, automobiles, sugar, fertilizer, cloth and vegetable ghee, industrial chemicals, refined petroleum and a variety of other However, there was not a single jute factory in the former East Pakistan—cotton was produced, but the region had no big factories to process and manufacture it. Industries such as KESC were now under complete government control.  Mahbub ul Haq blamed the concentration of economic power to 22 families who were dominating the financial and economic life of the country by controlling 66 percent of industrial assets and 87 percent of banking. Pakistan established its first automobile and cement industries, and the government constructed several dams, (notably Tarbela Dam and Mangla Dam), canals, and power stations, in addition to launching Pakistan's space program. Pakistan inherited 20 percent of the subcontinent's population at the time of partition of India on August 14, 1947. The broad outline of government policy in the 1950s and early1960s involved squeezing the peasants and workers to finance industrial development.Much of the economy, and particularly industry, was eventually dominated by a small group of people, who were largely traders who migrated to Pakistan's cities, especially Karachi, at partition. By June in 1971, the PIDC had completed 59 industrial units and created a base for self-sustained growth in the industrial sector. This article will examine the industrial performance in terms of growth/productivity over the following periods of time: 1. Pakistan has come a long way from almost zero industrial bases in 1947 to a creditable manufacturing centre more on the strength of its huge economic potential than government policies that continue to favour the rich. There were various reasons for the poor performance of the manufacturing sector. basic foundations on which India embarked upon its path of development since gaining independence in 1947.  Analyzing the stagflation problem, the PIDE observed that a major cause of the continuous era of stagflation in Pakistan was a lack of coordination between fiscal and monetary authorities.. There was a shift in the establishment of consumer goods industries to heavy industries such as machine tools, petro-chemical, electrical complex, and iron/steel. , Some academics have argued that while HYV technology enabled a sharp acceleration in agricultural growth, it was accompanied by social polarization and increased interpersonal and interregional inequality. The period from 1960 to 1970 covers two Plan periods, the Second Five-Year Plan 1960-65 and the Third Five-Year Plan 1965-70. 2. ADFC in 1949 later changed to ADBP. , The IMF loan program concluded in September 2016. , In 1959, the country began the construction of its new capital city. In 2013, Nawaz Sharif returned to inherit an economy crippled by energy shortages, hyperinflation, mild economic growth, high debt, and a large budget deficit. Pakistan has important strategic endowments and development potential. The country achieved self-efficiency by widening its industrial base. Industrial Sector and Its Components. This led to the widening of industrial base. Pakistan suffered its only economic decline in GDP between 1951 and 1952. , During the period 1780–1860, India's status shifted from being an exporter of processed goods for which it received payment in bullion, to being an exporter of raw materials and a buyer of manufactured goods. In the Third Five-Year Plan, from 1965 to 1970, development expenditure amounting to Rs. Poverty and income inequality increased compared to the previous decade and the rate of inflation rose, averaging 16 percent from 1971 to 1977.. The united government of Pakistan expanded its cultivated area and some irrigation facilities, but the rural population generally became poorer between 1947 and 1971 because improvements did not keep pace with the rural population increase. Their balance of payments were considerably improved. These measures had important consequences in bringing industry to Punjab and gave rise to a new class of small industrialists. Currently, we are facing. The suspension of foreign aid, loss of indigenous market (East Pakistan), fall in exports, devaluation to the extent of 131 percent, nationalization of industries, labour unrest, unfavorable investment climate, floods, recession in world trade, reduction in investment incentives, etc., caused a fall in the output of large scale industries. The advanced countries of the world, America, Germany, Great Britain, Japan, and Russia, encouraged industrialization on large scale.  In addition, as under Mughal rule, land revenue collected in the Bengal Presidency helped finance the company's wars in other part of India. 3. According to Multidimensional Poverty Index (2016) 39 percent population of Pakistan lives in poverty, which means that 4 out of 10 people in Pakistan live in poverty. The PIDC's major investments were in paper and paper board, cement fertilizer, jute mills, shipyards, and the Sui Karachi gas pipeline. One wing of the country (East Pakistan) was forcibly separated. Growth of industrial sector from 1947 to 1950. Prime Minister Secretariat in the new capital city. It had an area that produced a large share of agricultural, forest, and animal products. From July of 1977 to 1980, the government initiated a large number of measures to revise the economy. During this 11-years period, 8 prime ministers came into power. , Overall, Pakistan has maintained a fairly healthy and functional economy in the face of several wars, changing demographics, and transfers of power between civilian and military regimes, growing at an impressive rate of 6 percent per annum in the first four decades of its existence. At the time of partition in 1947, Pakistan had a negligible industrial base.  The inflation rate in Pakistan has averaged 7.99 percent from 1957 until 2015, reaching an all-time high of 37.81 percent in December 1973 and a record low of -10.32 percent in February 1959. Under the Presidential Ordained No. 3. Zia also successfully negotiated with the United States for larger external assistance.  Consequently, in the period 1760–1800, Bengal's money supply was greatly diminished; furthermore, the closing of some local mints and close supervision of the rest, the fixing of exchange rates, and the standardization of coinage, paradoxically, added to the economic downturn. , 1970s: Nationalization and command economy, 1980s-1999: Era of privatization and stagnation, 2000s: Economic liberalization, growth and re-stagnation, Since 2013: Privatization and liberalization. Ratan Lal Basu & Rajkumar Sen: Ancient Indian Economic Thought, Relevance for Today. Pakistan's GDP growth has been gradually on the rise since 2012 and the country has made significant improvements in its provision of energy and security. " On 10 January 2017, The Economist forecasted Pakistan's GDP to grow at 5.3 percent in 2017, making it the fifth fastest growing economy in the world and the fastest growing in the Muslim world. 233.11 crore (against a target of Rs. The Industrial Conference recommended the establishment of industries which use locally produced raw material like jute, cotton, hide, and skins. The West Pakistan was established in 1947. During the 1960s, Pakistan was seen as a model of economic development around the world, and there was much praise for its rapid progress. "Historical Perspective". In this way, groups and individuals in command of state institutions used public intervention in the economy "as a means for extending their wealth and power. In contrast to the relative stagnation during the period from Independence to 1959-60 when nothing except nascent large-scale manufacturing grew faster than population, the period from 1959-60 through 1969-70 is one of quite remarkable growth of the Pakistan economy. Bhutto abandoned Ayub Khan's state capitalism policies, and introduced socialist policies in a move to reduce the rich get richer and poor get poorer ratio. Manufacturing growth in Pakistan during this time was 8.51 percent, far outpacing any other time in Pakistani history. NATIONAL BANK OF PAISTAN in 1949. Approximately 11.8 million new jobs were created during Musharraf's term from 1999 to 2008, while primary school enrollment rose and the debt-to-GDP ratio dropped from 100 to 55 percent. Although the subcontinent enjoyed economic prosperity during the Mughal era, growth steadily declined during the British colonial period. , After gaining the right to collect revenue in Bengal in 1765, the East India Company largely ceased importing gold and silver, which it had hitherto used to pay for goods shipped back to Britain. Constitutional. a) 1950s: The era of rapid industrial growth b) 1960s: The ere of industrial stabilization c) 1970s: Nationalization and its impacts d) 1980s: Russia-Afghan war and pro-industry policies of Zia CAUSES OF INDUSTRIAL BACKWARDNESS IN PAKISTAN The causes of industrial backwardness in Pakistan are varied and complex. Shortly after taking office, Pakistan "embarked on a $6.3 billion IMF Extended Fund Facility, which focused on reducing energy shortages, stabilizing public finances, increasing revenue collection, and improving its balance of payments position.  In particular, the latter war brought the economy close to recession, although economic output rebounded sharply until the nationalization of the mid-1970s. Trade relations were strained until the issue was resolved in mid-1950. However, economic growth slowed in the wake of nationalization, with growth rates falling from an average of 6.8 percent per annum in the 1960s to 4.8 percent per annum on average in the 1970s. National Education Conference (1947) One of the first steps towards education development in Pakistan was the National Education Conference in 1947.  The Export Bonus Vouchers Scheme (1959) and tax incentives stimulated new industrial entrepreneurs and exporters. In the last over three decades. Several mass transit systems have been developed throughout Pakistan. Bhutto also established Port Qasim, Pakistan Steel Mills, the Heavy Mechanical Complex (HMC) and several cement factories. Corruption grew exponentially and access to state corridors became a primary avenue of accumulating a private fortune.  The capital was not moved directly from Karachi to Islamabad; it was first shifted temporarily to Rawalpindi in the early sixties and then to Islamabad when the essential development work was completed in 1966. ", In 2016, articles by Forbes and Reuters declared Pakistan's economy to be on track to becoming an emerging market in Asia, and affirmed that Pakistan's expanding middle class is key to the country's economic prospects. The system ensured that younger members were trained and employed in the family business, while the elderly and disabled were supported by their families. Poverty nearly doubled from 18 to 34 percent, causing the Human Development Index of the United Nations Development Programme to rank Pakistan in one of its lowest development categories during this time period. Agriculture was the predominant occupation, as it helped satisfy the villages' food requirements while also providing raw materials for cottage and small scale industries like textiles and handicrafts. Met on time and allocation for development was increased by about 40.... 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