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TAIMUR

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1.EconomicAffairs(1947-60)2.EconomicAffairs (1960-70)

3.EconomicAffairs (1970-80)

4.EconomicAffairs (1980-90)

5.EconomicAffairs (1990-2000)6.EconomicAffairs in Musharrafs rule

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Major Economic events in 1950 s

y No clear-cut strategyofEconomic development

y 1st fiveyear plan was justa paper work

y Refugee settlementand enmitywith India

y Unstable Governmentand focus on capitalist class

y Social sector was completelyignored

y

Heavyreliance on ForeignAid

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Policies for 1950 s

yOverstressing ofIndustrialization

y Dependence on Pvt. Sector for Industrialization

y Granting ofTax-holidays to investors

y PolicyofIndirecttaxation

yJustifyincome inequalities

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OUTCOMES OFTHE POLICIES

` Industries producing import-substitutes were setup

` Development ofAgri-sector was ignored` Prices ofAgri-goods remained depressed

` Limited efforts made regarding Health, educationand HRD

` Regionaland provincial inequalities boosted up

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Economic development in 1960

Ayub-Shoib-Haq model

y Efforts should be madeto increase GNP

y Increasing income ofrich segments ofeconomy

y Industrial development willbefocused

y Social sectors like Health, education, housingetc. wasneglected

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Outcomes of the Policiesy Inter-regional disparities

y No increase in Real wages

y Unequal income distribution

y Trickle down economics

y Ignoringthe social development

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Economic development in 1970 sy To implement socialism in Pakistan

y Launched Peoples Works Program (PWP)

y Integrated Rural Development Program was put intooperation

y Incentives to public sector were provided

y PolicyofDe-nationalization was followed

y Process ofIslamization oftheeconomywasaccelerated

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Outcomes of 1970 policies

y Structural changes in theeconomywerebrought

y Large scale manufacturingunits were nationalized

y Nationalization and Islamization oftheeconomyledindustrialistagainst Butto

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Economic processes in 1980s

y Low saving potential was observed

y Shortage in energysector developed

y Defence consumed 30% ofGovt. expenditurey Stress on Rural Development Programs should belaid

y New industrial policyannounced

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Economic processes in 1990sy Nationalized commercialbanks privatized

y Foreign private investment wereencouraged

y SocialAction Program was launchedy Export-led growth strategywas followed

y Role ofprivate sector was increased

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Economic development in Musharrafs rule

y Privatization ofthebankingand financial sector

y Removaland reductions ofalltariffs on industryand

agriculturey Removal ofallbarriers on agricultureexports and

imports

y Sale ofshares to public through stock exchanges

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