Ans: Economic development of Pakistan from 1947 to 1970:
1. The First Period of Economic Development:
(1947-1950)
The industrial units which Pakistan had got as share after its creation were
incapable of fulfilling the country’s needs. The source of income of the majority was
agriculture. Before the creation of Pakistan the trade and industry was mostly
controlled by non-Muslims. At the time of partition, these people migrated to India
due to which a gap was created in the field of trade and industry. To fill this gap the
majority of Muslim traders migrated from India and settled in Karachi. Karachi, thus,
became the centre of our trade and industry. In 1947, the government held an
industrial conference.
In this conference it gave recommendations for the establishment of
industrial units related to existing raw materials like jute, cotton, leather, etc. To
promote the work of investors, Industrial Board and Industrial Financial Corporation
was established, with which economic development started.
2. The Second Period of Economic Development:
(1950-1960)
During the Korean War, from 1950 to 1952, Pakistan followed a liberal and
soft trade policy which earned it a lot of foreign exchange. The war ended and there
was a fall in the prices of raw materials. The government imposed restrictions on the
import of goods of daily use which greatly benefited the industries
coated Raisstan landsin Corporation This: corporation basically
ith 19052 the gammelbakistan established a financial organization
invested inccement paper Suggs Sipyard; etc: Im 1959-60 the share of
indistina edo in Palsistas: 11: During this time period, large
secale indstry tousend Maury debtorssere also established
Raisttarsspent was for the period from 1st April
19055 0331 $960/ lume was 1080 core tipses: With regard to objectives.
this was a veryggoodatan could habrasbreve all its targets: According to the
ratecofidevippment there wasn114itcasein the national income. Per capita
income couldd only creste 25% Three rates off national savings: decreased. In the
industrial fedd many idsmass were established: such ass paper (newsprint),
ccardboard ferlitzer chem procitats ecc. The rate of increase in population was
sapproximately 15pe annum origters geoexports: could not be increased,
ratherthe numberof possesse
The balancebetwas greatly upset. There was a deficit of 244 crore
rupess drites balance payment in the fifist 4 years. The production of agricultural
cotopsiacoccouchem
Fromthelabres metinessand figures; it can be estimated that the first
5 years plantadantitermaggity of fields: Despite this: fact it cannot be denied that
due to the expeneccesgatenteras piam, a moderm thought: process; was born
This increased the speed off comment development and helped create: future:
adevelopmentalplass.
3. The Think Perodromonic Development::
1960-1970
liin 19953, ather contingg too gaweer Muhammad Ayub Kham gave severe:
pursshments dohoddess, suggess and black marketeers: Attention was paid to
heavy machinerysscchaasste indistity getto-chemicals; etc. After 1965 there wass
downfalliniteedide vippenfistityyandblam increase in speed of development:
cofaagriculture liftationic developmenttion Pakistan, the Second: 5 years:
Plan (1860-1955) has a spperaalimportance. The volume of the second: 55 years:
plan was 900cctose cupess lint93wassincressed to 2300 crore rupees:
Due to thisis plan, titere waas aam improvement in the country’s economic
development. National income incpassed above 30%. Im the industrial field, there
wwas an increase of 400%pperam Exports went up by 7% annually. The
agriculture had a 155%% Employment opportunities could not be
raised to the expected Timiss. The second 55 years development plan achieved its
goals considerably income crossedbits set targets: In the economic
developmentofistantspariaasspecial importancss
During 19885-199700, the thrid 55 yearss development plan was made: The
volume cof tithes ppian was 52200 coopee rupeess. During the third 55 years plan-the
adevelopment in the distal feed was 93%. There wass a drop of 4%, in-the-rate of
rate of 17% per annum. The thrid 55 yesass pidan could not be provided with the
resources and favourable coprittiboss required foram economic development plan
investment gatetoppment wassa: 45%. The growth of exports was at the
That is why this percodecompletely successfull