Ans: Economic Development Planning through Decades:
First five-year plan, after partition, was published in Way 11256, after this.
seven development plans were launched at different dimes.
Our development strategy has been under constant change though
these years. In the decade starting in 1951, emphasis was at on indust
development. Pakistan industrial Development Corporation (PDC) was established
in 1952. Heavy industry like cement fertilizer, papet, sugar, textile and
breaking was established by the PIDC. The goal of industrial development
achieved but the void between the lower and the higher income groups mot
alarmingly; the other negative impact was the maplection of agriculture sector which
forms the backbone of our national economy
Strategy of economic planning was changed after 1980, agriculture w
placed at priority equal to industry. Foreign aid and the money coming into the
country in shape of loans and foreign investment were considered essential f
economic growth. This policy proved successful and the country achieved the targe
of 7 percent annual growth, but this policy had its own problems. Wod between the
poor and the rich increased. Industry installed produced only consumer’s d
Volume of foreign exchange spent on raw materials and machine parts increased
Imports exceeded exports. The East Pakistan received lesser share of indus
installations, this caused a sense of deprivation in the people of the east wing, which
was one cause of unrest and later separation of East Pakistan
The strategy of economic planning was again revamped in the dec
starting 1870. Equitable progress was set as new target for this purpose 22 hig
and later a number of small industrial units were nationalized. This policy proved
be a total disaster, industrial machinery was destroyed, and production was
reduced. The labour class took the way of ransack and disruption. Dependence
foreign loans increased, debt retiring become difficult and poverty increased. During
the last years of this decade (starting from 1871) disasters caused by the
nationalization policy were seriously felt Process of privatization was starte
Efforts, were made to hit a balance between agriculture and industrial growth
A policy to increase national savings and decrease dependence on foreign
inputs was adopted. Some steps were taken for human resource development. The
was acknowledged for the first time that the target of achieving prosperity and
enhanced income level could only be achieved through higher level of human
resource development. It was also realized that education was the foundation of
human resource development. The economic policy adopted during the first decade
of the 21 century (till 2008) was based purely on the capitalistic norms of marker
economy. The policy makers believed that the government should do planning only
on macro level for general economic stability, and should ignore things like poveny
alleviation and employment opportunities. These experts believed that the impact of
the strong economy will gradually “trickle down” and the problems of poverty and
unemployment will be automatically solved.
During the second decade of the 21st century economic growth rate
remained terribly low. Pakistan Peoples’ Party government increased salaries of the
employees and helped people through Benazir Income support and Waseela-e-Haq
Programs: Efforts were made to improve the condition of the farmers. During this
period the country had to face grave energy crises. GDP growth rate remained at
lower level. Nawaz Sharif came into power in 2013. He continued Benazir income
support Program during his period. GDP growth rate was stabilized and rose to 5.53
percent in 2018. The burden of foreign debts which had touched a high level during
power in 2018. The government is running Dar-ul- Ehsas and Pariah Gah Programs
for the welfare of the poor. The party is trying hard to tackle the problems of inflation
and unproportionate price hike. Foreign debt during the tenure of this government
has also increased,