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Over View Of Pakistan Industry Essay

5826 words - 24 pages

We can divide the progress of industries of Pakistan into 6 time phasesThe first phase was from 1947 to 1958. This phase can be called the transition phase. In 1947 only 5 percent of the large-scale industrial facilities in British India were present in what became Pakistan. The country started with virtually no industrial base and no institutional, financial, or energy resources.ManufacturingThe second phase was from 1958 to 1968. During this period there was a war between North Korea and South Korea. The pace of industrialization since independence had been rapid, although it has fluctuated in response to changes in government policy and to world economic conditions. During the 1950s, ...view middle of the document...

The result was a drop of nearly 50% in private investment in large-scale manufacturing between FY 1970 and FY 1973. By FY 1978 such investments were little more than one-third (in constant prices) of those in FY 1970. Private capital fled the country or went into small-scale manufacturing and real estate. Between 1970 and 1977, industrial output slowed considerably. The situation became worse after 1974, when many people left the country to seek higher salaries in the Middle East oil-producing states. Labor legislation set high minimum wages and fringe benefits, which boosted payroll costs for both public and private firms. Efficiency and profits in public-sector enterprises fell.During this phase that is FY 1970 and FY 1977, the index of manufacturing output increased an average of only 2.3 percent a year.The fifth phase was from 1977 to 1997. In this phase there was some growth. This growth was mainly due to the establishment of small scale industries. During most of this period Mohammad Zia ul-Haq was in power. After 1977 the government of Mohammad Zia ul-Haq (1977-88) began a policy of greater reliance on private enterprise to achieve economic goals, and successive governments, continued this policy throughout the late 1980s and early 1990s. Soon after Zia came to power, the government instituted constitutional measures to assure private investors that nationalization would occur only under limited and exceptional circumstances and with fair compensation. A demarcation of exclusive public ownership was made that excluded the private sector from only a few activities. Yet government continued to play a large economic role in the 1980s. During the period of Zia there was growth in the industry. During Zia's phase that is from FY 1977 to FY 1982, the index rose an average of 9.9 percent a year. Growth averaged 7.7 percent during the Sixth Five-Year Plan (1983-88). Public-sector enterprises accounted for a significant portion of large-scale manufacturing. In FY 1991, it was estimated that these enterprises produced about 40 percent of industrial output.The government of Prime Minister Nawaz Sharif (1990-93) introduced a program of privatization, deregulation, and economic reform aimed at reducing structural impediments to sound economic development. Top priority was given to denationalizing some 115 public industrial enterprises, abolishing the government's monopoly in the financial sector, and selling utilities to private interests. Despite resistance from officials and labor unions and criticism that the government was moving too quickly, by March 1992 control of twenty industrial units and two banks had been sold to private investors, and plans were under way to begin denationalizing several utilities. As of early 1994, proposals to end state monopolies in insurance, telecommunications, shipping, port operations, airlines, power generation, and road construction were also in various stages of implementation. Private investment no longer...

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