OBSTACLES TO ECONOMIC DEVELOPMENT IN PAKISTAN:
Since 1947 (the time of partition) Pakistan has struggled to build up infrastructure and productive potential through the process of development planning. Seven five year plans has been completed. The over all result of economic development is not encouraging. Pakistan has strategies to accelerate the rate of economic development but due to some obstacles it could not achieve its targets. The main obstacles in the way of economic development of Pakistan are as follows.
1. Economic obstacles
2. Social and cultural obstacles
3. Political obstacles
4. Administrative obstacles. Let us discuss in brief.
1. ECONOMIC OBSTACLES : Pakistan is a less developed country. Pakistan’s national income as well …show more content…
Approximately 53% people are illiterate. They do not understand the importance of economic development and are mostly conservative in their habits and attitude. They live a sample life and proud of it. There is lack of confidence and initiative for better living. the joint family system has created the problem of mobility. People feel a burden to pay taxes and it becomes hard for them to escape. Rigid religious faith condemns the accumulation of wealth. There is lack of effective population due to non participation of women in the economic struggle. The unnecessary expenditure on marriages, deaths and birth has reduced domestic saving and has adversely affected economic progress due to these socio-cultural conditions economic progress is slowed down. Pakistan can progress only by bringing major changes in the above mentioned socio-cultural conditions. We should keep in mind that adopting of western life style is not only the way to have economic …show more content…
When we look through the history of Pakistan, we find that there is no political stability except under Ayub government 1958-68, but war against India in 1965 destroyed the economic gains. After this 1971, again war with India and separation of East Pakistan obstructed economic progress. During the Bhutto government, devaluation of currency and nationalization of private industries caused a great disturbance for private investment. The investment behavior of the people changed toward small industrial units which shook whole of the economy. Later on, as a result of the Nizam-e-Mustafa Terik against Bhutto government and the martial law government had created an environment of fear among the people. The rich and wealthy were fleeing aboard for a peaceful life. After 1985, when trend of the people some-how changed, the incident of Ojhry Camp in Islamabad, country wide violation of peace and clashes in Karachi created an unhealthy environment for investors and industrialists. Clean sweep of Junejo government, death of general and the replacement of Benazir’s elected government, again harassed the people. They could not decide about investment and thing is passing by, on adhoc. So we can say, investment level cannot improve until there is peaceful and stable political
Since 1947 (the time of partition) Pakistan has struggled to build up infrastructure and productive potential through the process of development planning. Seven five year plans has been completed. The over all result of economic development is not encouraging. Pakistan has strategies to accelerate the rate of economic development but due to some obstacles it could not achieve its targets. The main obstacles in the way of economic development of Pakistan are as follows.
1. Economic obstacles
2. Social and cultural obstacles
3. Political obstacles
4. Administrative obstacles. Let us discuss in brief.
1. ECONOMIC OBSTACLES : Pakistan is a less developed country. Pakistan’s national income as well …show more content…
Approximately 53% people are illiterate. They do not understand the importance of economic development and are mostly conservative in their habits and attitude. They live a sample life and proud of it. There is lack of confidence and initiative for better living. the joint family system has created the problem of mobility. People feel a burden to pay taxes and it becomes hard for them to escape. Rigid religious faith condemns the accumulation of wealth. There is lack of effective population due to non participation of women in the economic struggle. The unnecessary expenditure on marriages, deaths and birth has reduced domestic saving and has adversely affected economic progress due to these socio-cultural conditions economic progress is slowed down. Pakistan can progress only by bringing major changes in the above mentioned socio-cultural conditions. We should keep in mind that adopting of western life style is not only the way to have economic …show more content…
When we look through the history of Pakistan, we find that there is no political stability except under Ayub government 1958-68, but war against India in 1965 destroyed the economic gains. After this 1971, again war with India and separation of East Pakistan obstructed economic progress. During the Bhutto government, devaluation of currency and nationalization of private industries caused a great disturbance for private investment. The investment behavior of the people changed toward small industrial units which shook whole of the economy. Later on, as a result of the Nizam-e-Mustafa Terik against Bhutto government and the martial law government had created an environment of fear among the people. The rich and wealthy were fleeing aboard for a peaceful life. After 1985, when trend of the people some-how changed, the incident of Ojhry Camp in Islamabad, country wide violation of peace and clashes in Karachi created an unhealthy environment for investors and industrialists. Clean sweep of Junejo government, death of general and the replacement of Benazir’s elected government, again harassed the people. They could not decide about investment and thing is passing by, on adhoc. So we can say, investment level cannot improve until there is peaceful and stable political