Economic growth during the 1950s averaged 3.1 percent per annum, and the decade was marked by both political and macroeconomic instability and a shortage of resources to meet the nation's needs. "[54] 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. Since 1947 till now Pakistan has done remarkable development which has positively lead it to the brighter and prosper future. 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. The first phase started soon after the PPP came into power and was motivated by distributional concerns – to bring under state control the financial and physical capital controlled by a tiny corporate elite. 185.11 crore was allocated to the growth of industrial sector. CAUSES OF INDUSTRIAL BACKWARDNESS IN PAKISTAN The causes of industrial backwardness in Pakistan are varied and complex. 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. However, in 1974, the influence and authority of the left wing within the party significantly decreased: they had either been marginalized or purged.5 As a result, the second phase was less ideologically motivated, and was instead driven by the outcome of ad hoc responses to various situations.6 Between 1974 and 1976, the style of economic management Bhutto adopted reduced the role of the Planning Commission as well as its capacity to offer advice to political decision-makers. [37] 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,"[39] 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 West Pakistan was established in 1947. 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. Currently, we are facing. Average annual real GDP growth rates[15] were 6.8% in the 1960s, 4.8% in the 1970s, and 6.5% in the 1980s. Since emergence of the state on the political background of the world, economically, it has experienced a bumpy ride all together. Exports stagnated and Pakistan lost its market share in a buoyant world trade environment. The industrial performance in terms of growth, exports, and production was disappointing from 1971 to 1977. [26], According to Muhammad Abrar Zahoor, the nationalization of industries can be divided into two phases. There were various reasons for the poor performance of the manufacturing sector. Although ancient India had several urban centers, much of the population resided in villages, where the economy was largely isolated and self-sustaining. Tarbela Dam, the largest earth filled dam in the world, was constructed in 1968. The increasing proportion of Pakistan’s youth provides the country with a potential demographic dividend and a challenge to provide adequate services and employment. The system ensured that younger members were trained and employed in the family business, while the elderly and disabled were supported by their families. The infrastructure for the establishment of heavy industries was also to be developed. [24] Blame was placed by various observers, but especially by those in East Pakistan, on the West Pakistani leaders who not only dominated the government, but also most of the fledgling industries in East Pakistan.[24]. Pakistan's population has grown rapidly from around 30 million in 1947 to over 130 million in 1996. 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. industrial share is 20.9% while services sector share is 57.7% of the GDP. National Education Conference (1947) One of the first steps towards education development in Pakistan was the National Education Conference in 1947. Pakistan suffered its only economic decline in GDP between 1951 and 1952. 2. Development Of Pakistan since 1947 to the present BACKGROUND • Creation of Pakistan in 1947 was in many ways a unique event which at the same time was bound to have many difficulties primarily due to a consistently hostile attitude adopted by Indian leadership. The government of Pakistan since 1947 is trying hard to develop industries and infrastructure facilities for the growth of industrial sector, yet it has not achieved success to the desired extent. This led to the widening of industrial base. An estimate of India's pre-colonial economy puts the annual revenue of Emperor Akbar's treasury in 1600 at £17.5 million (in contrast to the entire treasury of Great Britain two hundred years later in 1800, which totaled £16 million). 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. Several mass transit systems have been developed throughout Pakistan. With an empire in place, trade routes became more secure, thereby reducing the risks associated with the transportation of goods. [21] A Greek firm of architects, Konstantinos Apostolos Doxiadis, designed the master plan of the city based on a grid plan which was triangular in shape with its apex towards the Margalla Hills. It had an area that produced a large share of agricultural, forest, and animal products. Monsoon floods between 1951–52 and 1952-53 created further economic problems, as did uneven development between East and West Pakistan. 5. Growth of industrial sector from 1947 to 1950. 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.[34]. The annual growth rate in manufacturing sector was 8.2 percent in the 1980s. The recurring floods, successive years of drought, and political unrest slowed the pace of development in all the sectors of the economy. In the last over three decades , the contribution of industrial sector to GDP is only 18.5% which by any standard is not satisfactory . 5 of 1974, the government transferred the major projects to new Corporation. 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. Performance of industrial sector in 1970s. In 2013, Nawaz Sharif returned to inherit an economy crippled by energy shortages, hyperinflation, mild economic growth, high debt, and a large budget deficit. There are many reasons but political crisis has always been a major one. The advantages of technological change were channeled into agriculture. Their balance of payments were considerably improved. Different Phases of Industrial Development in Pakistan: Phase 1 (1947-1957): This phase started from 1947 ended to 1958. Free Essays on Industrial Development Of Pakistan Since 1947. [1], Historically, the land forming modern-day Pakistan was home to the ancient Indus Valley Civilization from 2800 BC to 1800 BC, and evidence suggests that its inhabitants were skilled traders. In addition to supplying direct aid to Pakistan, the U.S. and its allies funneled about US$5–7 billion to the Afghan Mujahideen through Pakistan, further uplifting the local economy. The share of industrial sector to GNP went up to 11.8 percent from 1960 to 1965. 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. Although Pakistan missed several structural reform criteria, it restored macroeconomic stability, improved its credit rating, and boosted growth. The history of the [[Islamic Republic of Pakistan2010}} which reached its zenith during Mughal Era.In 1947, Pakistan consisted of West Pakistan (today's Pakistan) and East Pakistan (today's Bangladesh).The President of All-India Muslim League and later the Pakistan Muslim League, the secretary general of the Muslim League, Liaquat Ali Khan became Prime Minister. 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. 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. [citation needed], Yet, sound structural policies coupled with improved economic management accelerated growth between 2002 and 2007. 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. Poverty and income inequality increased compared to the previous decade and the rate of inflation rose, averaging 16 percent from 1971 to 1977.[28]. In the last over three decades, the contribution of industrial sector to GDP is only 18.5% which by any standard is not satisfactory . The improved infrastructure, combined with greater security, uniformity in measurements, and the increasing usage of coins as currency, all enhanced trade.[7]. When Pakistan became a country on August 14th, 1947, to form the largest Muslim state in the world at that time. etc., the private sector was shy in investing capital in heavy industries. In 1700, the exchequer of the Emperor Aurangzeb reported an annual revenue of more than £100 million. During this period, the country was newly born and politically immature. Though, during all these years, our beloved country had faced so much ups and downs but still no one can undo it. Bhutto also established Port Qasim, Pakistan Steel Mills, the Heavy Mechanical Complex (HMC) and several cement factories. The gross domestic product of Mughal India in 1600 was estimated at about 24.3 percent of the world economy, making it the second largest in the world.[8]. However, decades of corruption and internal political conflict have usually led to low levels of foreign investment and underdevelopment. 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. [18], 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 Industrial Conference recommended the establishment of industries which use locally produced raw material like jute, cotton, hide, and skins. Land reforms, the consolidation of holdings, and strict measures against hoarding were combined with rural credit programs and work programs, higher procurement prices, augmented allocations for agriculture, and improved seeds as part of the green revolution. Pakistan at the time of partition in 1947, had negligible industrial base. [2] 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. 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. The country achieved self-efficiency by widening its industrial base. 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. Pakistan has important strategic endowments and development potential. Although the subcontinent enjoyed economic prosperity during the Mughal era, growth steadily declined during the British colonial period. Two wars with India - the Second Kashmir War in 1965 and the separation of Bangladesh from Pakistan also adversely affected economic growth. I would like to thank you for such great information. [5], Through the joint family system, members of a family often pooled their resources to sustain themselves and invest in business ventures. The government took the initiative and established the Pakistan Industrial Development Corporation (PIDC) in 1952 to invest in industries that require heavy initial investment, have a long gestation period, and require a high degree of know-how. Domestic production of items such as refined sugar steel, fertilizer, cement, etc. The share of industrial sector was 18.2 percent of the GDP in 2003-04. Due to the lack of capital, technical know-how, entrepreneurship. At the time of partition in 1947, Pakistan had a negligible industrial base. 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. interesting things about pakistan sir .... current statistical data use krn good work, very helpful and helped me pass in my assignment, Thnx. This phase started from 1947 ended to 1958. During the Mughal period (1526–1858) in the 16th century, the gross domestic product of India was estimated at about 25.1% of the world economy. ... An overview of Pakistan’s economy The industrial sector of the country contributes to 20 percent of GDP. Performance of industrial sector in 1960s. 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. 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. Pakistan achieved independence from British colonial rule on August 14, 1947. Tax concessions were also offered for investment in less-developed areas. "[1] Lower oil prices, better security, higher remittances, and consumer spending spurred growth toward a seven-year high of 4.3 percent in the fiscal year 2014-15[45] and foreign reserves increased to US$10 billion. Steel, cement, automobiles, sugar, fertilizer, cloth and vegetable ghee, industrial chemicals, refined petroleum and a variety of other Spread over 1700 acres, Quaid-i-Azam University was constructed in 1967. A review of Pakistan's political structure and events since its 1947 independence. The main obstacles which have slowed and retarded industrial development in Pakistan are as follows: The creation of Pakistan was catalyst to the largest demographic movement in recorded history. There was no steel industry in Pakistan, whereas India had a sound industrial base at the time of Independence. 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. However, the infrastructure they created was mainly geared towards the exploitation of local resources, and left the economy stagnant, stalled industrial development, and resulted in an agricultural output that was unable to feed a rapidly accelerating population. Industrial Development in Pakistan Industrial Development in Pakistan. [24] 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. 1277.0 crore) was incurred for the growth of manufacturing sector. [13] 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. The government also set up an Industrial Finance Corporation and an Industrial Investment and Credit Corporation in 1948. The advanced countries of the world, America, Germany, Great Britain, Japan, and Russia, encouraged industrialization on large scale. Their national incomes increased. Importance of Industrial Sector For A Country. Five decades later, the manufacturing production index is 12,000 with the base of 100 in 1947. This article will examine the industrial performance in terms of growth/productivity over the following periods of time: 1. 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. The Cambridge Economic History of India: Volume 2, c.1751-c.1970 (1983). The empire spent considerable resources building roads and maintaining them throughout India. 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. The efficient Mughal tax administration system was left largely intact, but India fell from its top rank to become the second-largest economy in the world. One wing of the country (East Pakistan) was forcibly separated. Economic Profile Pakistan 1947-2013 Pakistan got its independence from the British occupation on 14th August 1947. Pakistan developed the first motorway in South Asia in 1997; today it has expanded to a 1,502 km long network. Instead, the factories were all situated in areas which wound up as part of India. The nationalization of industries in 1972 inflicted a heavy blow to the PIDC. Pakistan's reserves increased from US$1.2 billion in October 1999 to US$10.7 billion on 30 June 2004. 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. 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. [55][56], 1970s: Nationalization and command economy, 1980s-1999: Era of privatization and stagnation, 2000s: Economic liberalization, growth and re-stagnation, Since 2013: Privatization and liberalization. 3. Besides farmers, other occupational groups included barbers, carpenters, doctors (Ayurvedic practitioners), goldsmiths, weavers, etc. There was all-round development of industries, particularly in agricultural processing, food products, and textiles. Benazir Bhutto twice led the country during this period and promoted social-capitalist policies. During this 11-years period, 8 prime ministers came into power. At independence 85% of the population was illiterate , and the condition of women and backward areas was even worse. In order to expand the scale of production, private enterprises were encouraged to set up industries excluding the manufacture of arms apparatus. See also[16]. The Plan could achieve only a partial success as it ran into difficulties as soon as it was launched. [47][48][49], The IMF loan program concluded in September 2016. There was also reduction in U.S.A aid. Average annual growth fell to 4.6% in the 1990s with significantly lower growth in the second half of that decade. Last year Pakistan has successfully marked its 69 th year of independence and now it is in its 70 th year. • Pakistan hardly had any manufacturing industries in 1947. Industries such as KESC were now under complete government control. "Historical Perspective". The British built an advanced network of railways, telegraphs, and a modern bureaucratic system that is still in place today. 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. 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. The Development Board was established in 1984 to help with the implementation of these steps. Conclusions. [25] In particular, the latter war brought the economy close to recession, although economic output rebounded sharply until the nationalization of the mid-1970s. 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. During the 1960s, Pakistan was seen as a model of economic development around the world, and there was much praise for its rapid progress. The Soviet–Afghan War significantly affected the economy of Pakistan, with approximately 1.7 million Afghani refugees moving to Pakistan. 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. ... rapidly increase the rate of development of east Pakistan. In the period from 1947 to 1950, the private entrepreneurs invested in high-profit industries. Pakistan at the time of partition in 1947, had negligible industrial base. The incentive pushed for better environments for investment, better co-ordination between PIDC, PICIC, and other executing agencies, and, above all, political stability. [citation needed], After Musharraf's resignation in 2008 due to mounting legal and public pressures, the PPP government once again resumed control of Pakistan. [12], 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. Introduction: Since the Industrial Revolution, industrialization has been regarded as essential for a country's rapid development. 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). Industrial development or history of industries in Pakistan can be divided into six phases: Phase 1 (1947-1957): 1. For the first time, most of India was unified under one ruler. THE Indus Valley civilization, the first known permanent and predominantly urban settlement that flourished between 3500 BC to 1800 BC, featured a vibrant economic system. In the last over three decades. The annual growth rate fell to 2.8 percent in the industrial sector in this period. 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. 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. Not a single prime minister was strong enough to pursue the industrial policy well. The countries achieved balanced growth in various sectors of the economy. These industries included small sugar mills, cotton ginning factories, flour mills, rice husking mills, canning factories, etc. [22] 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. 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. PTCL was privatized in 2005, and boosted revenue of over $1 billion. JF-17 Thunder became the first indigenous combat aircraft produced by the country. Jinnah International Airport was greatly expanded in 1994, making it a regional aviation hub. ) one of the already existing units like fertilizers, jute, paper, and production disappointing...: ancient Indian economic Thought, Relevance for today use locally produced material! 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