Economic Problems of Pakistan since 1947

Topics: Five-year plan, Five-Year Plans of China, Partition of India Pages: 3 (863 words) Published: March 19, 2015
Economic Problems of Pakistan since 1947

1. The duration  of economic coordination  in 1947-1953

2. The duration of planning board 1953-1958

3. The duration of powerful planning commission in1958-1968

4. The duration of decline of planning commission in 1968-1980

5. Attempt at revival of planning commission.

PERIOD OF ECONOMIC COORDINATION (1947-1953):

First of all economic planning development was established in1948. In order to Act as clearing house and to establish economic coordination, Colombo plan was established in 1959 and the main prominence was given to agriculture. But this plan was not implemented well in time. No aggregate targets were mentioned for the economy as a whole. There were no attempts to transmit particular projects to achieve total targets. The planning machinery was scarcely capable of do its job effectively.

PERIOD OF PLANING BOARD (1953-1958):

The creation of planning board (later named as planning commission) in 1953 marked the beginning of second phase of economic planning, which lasted till 1958. The planning board faced the following serious difficulties: a) Deficiency of trained staff.

b) Non-availability of precise and consistent data.
c) Its indecisive condition in government.
d) It was regarded as a foe of ministry of finance and state bank of Pakistan. e) Political volatility in the economy.
f) The annual plan was never followed at that time.
g) Various advices of the planning board were in most cases unseen by the implementing agencies. h) Priorities were mistreated.
i) The budget decisions were also distorted.

PERIOD OF POWERFUL PLANING COMMISSION (1958-1968):

The third phase in the evaluation of the planning process begin in October 1958, the reliance of private sector as its primary objective. The new government gave proper attention to achieve the following targets:

a) Rapid industrialization in the country. 
b) Removal of food shortage.
c) Removal of political shakiness...
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