The document discusses Pakistan's nationalization acts of the 1970s under Prime Minister Zulfikar Ali Bhutto. It provides details on the three phases of nationalization between 1972-1977. Key industries such as banks, insurance companies, shipping, cement and steel mills were nationalized. While Bhutto aimed to promote economic democracy, the nationalization negatively impacted the economy through hyperinflation, falling production and GDP. It financially devastated business families and damaged investor confidence in Pakistan. The nationalization was criticized for being selective and having disastrous long-term economic effects.
The document discusses the industrial sector in Pakistan. It states that the industrial sector is important for economic development and countries with strong industries have higher economic growth. It then provides details on various industries in Pakistan like textiles, sports goods, telecom, cement, sugar, fertilizers, glass, and automobiles. It discusses their importance, production levels, exports and contributions to GDP and employment.
Land reform efforts in Pakistan since 1947 aimed to redistribute land from large landowners to small farmers and landless peasants. However, successive reforms in 1949, 1959, 1972, and 1977 largely failed due to inadequate implementation and legal challenges. The 1959 reforms resumed 2.5 million acres but distributed just 2.3 million acres. Later reforms benefited even fewer farmers. In 1989, Pakistan's Supreme Court ruled that certain aspects of land reforms, such as ceilings on land ownership, were un-Islamic. This ruling undermined future land redistribution efforts.
The document discusses Pakistan's nationalization policies under Zulfiqar Ali Bhutto from 1972-1976. It summarizes that Bhutto nationalized major industries and took control of banks and small businesses to reduce economic inequality and ensure wealth distribution. However, nationalization damaged the private sector and reduced investment. It caused economic issues and political costs for Bhutto's government. After a military coup in 1977, the policies were reversed under a new administration.
The document provides an overview of Pakistan's economy, highlighting both its historical growth and recent challenges. It notes that while the economy has grown at an average of 5% annually over the past 65 years, growth slowed significantly in the last five years to around 3% due to issues like rising energy costs, political instability, and fiscal mismanagement. Key economic indicators like investment, exports, GDP growth, and foreign investment have all weakened substantially compared to earlier periods. Strong remedial action is needed to address structural problems and put the economy back on a sustainable growth path.
1. Ayub Khan imposed martial law in Pakistan in 1958 due to political instability and economic crisis.
2. His regime carried out many reforms in areas like the economy, administration, education, and land distribution to stabilize the country.
3. Key economic reforms included curbing smuggling, collecting hidden wealth, introducing bonus vouchers to boost exports, and implementing land reforms.
This document provides an overview of privatization in Pakistan, including its history, key phases, successes and failures. Some key points:
- Privatization began in the 1950s but intensified in the 1980s-2000s under various governments seeking to improve economic growth. Major state assets were sold off to private owners.
- The largest phase was in the early 2000s under Shaukat Aziz, where 80% of banking and other major industries were privatized. This led to improved GDP growth.
- However, some privatizations like K-Electric failed due to mismanagement by new owners. There was also lack of transparency and allegations of corruption in the privatization process.
-
The document discusses the industrial sector in Pakistan. It states that the industrial sector is important for economic development and countries with strong industries have higher economic growth. It then provides details on various industries in Pakistan like textiles, sports goods, telecom, cement, sugar, fertilizers, glass, and automobiles. It discusses their importance, production levels, exports and contributions to GDP and employment.
Land reform efforts in Pakistan since 1947 aimed to redistribute land from large landowners to small farmers and landless peasants. However, successive reforms in 1949, 1959, 1972, and 1977 largely failed due to inadequate implementation and legal challenges. The 1959 reforms resumed 2.5 million acres but distributed just 2.3 million acres. Later reforms benefited even fewer farmers. In 1989, Pakistan's Supreme Court ruled that certain aspects of land reforms, such as ceilings on land ownership, were un-Islamic. This ruling undermined future land redistribution efforts.
The document discusses Pakistan's nationalization policies under Zulfiqar Ali Bhutto from 1972-1976. It summarizes that Bhutto nationalized major industries and took control of banks and small businesses to reduce economic inequality and ensure wealth distribution. However, nationalization damaged the private sector and reduced investment. It caused economic issues and political costs for Bhutto's government. After a military coup in 1977, the policies were reversed under a new administration.
The document provides an overview of Pakistan's economy, highlighting both its historical growth and recent challenges. It notes that while the economy has grown at an average of 5% annually over the past 65 years, growth slowed significantly in the last five years to around 3% due to issues like rising energy costs, political instability, and fiscal mismanagement. Key economic indicators like investment, exports, GDP growth, and foreign investment have all weakened substantially compared to earlier periods. Strong remedial action is needed to address structural problems and put the economy back on a sustainable growth path.
1. Ayub Khan imposed martial law in Pakistan in 1958 due to political instability and economic crisis.
2. His regime carried out many reforms in areas like the economy, administration, education, and land distribution to stabilize the country.
3. Key economic reforms included curbing smuggling, collecting hidden wealth, introducing bonus vouchers to boost exports, and implementing land reforms.
This document provides an overview of privatization in Pakistan, including its history, key phases, successes and failures. Some key points:
- Privatization began in the 1950s but intensified in the 1980s-2000s under various governments seeking to improve economic growth. Major state assets were sold off to private owners.
- The largest phase was in the early 2000s under Shaukat Aziz, where 80% of banking and other major industries were privatized. This led to improved GDP growth.
- However, some privatizations like K-Electric failed due to mismanagement by new owners. There was also lack of transparency and allegations of corruption in the privatization process.
-
The document discusses key issues in Pakistan's industry, including the growth of small-scale sectors in textiles and manufacturing in the 1950s-1970s, issues affecting small-scale industries like lack of access to credit, and the decline of Pakistan's textile industry compared to other countries despite its large cotton production. It also examines debates around the efficiency and privatization of Pakistan's public sector industries.
East Pakistan Separation- History of SubContinentAqib Syed
East Pakistan Separation- History of SubContinent
Political system in Pakistan broke down in 1971 because of output failure arising out of conflict among East and West Pakistan.
Though separation of East Pakistan occurred in 1971, the separation’s elements had begun to work with the emergence of Pakistan in 1947. Following were the main causes of the separation of East Pakistan.
The document provides information about group members for a project and includes essays about Pakistan's former President Ayub Khan and the reforms he introduced. It lists 6 group members and their student IDs. There are essays about Ayub Khan's early life and career, how he declared martial law in 1958, and the legal, economic, educational, agricultural, trade and foreign policy reforms he introduced as President from 1958-1969.
Ayub Khan came to power in 1958 after a military coup. He aimed to rapidly industrialize Pakistan's economy and encourage private sector growth. Agricultural reforms like high-yielding seeds boosted farm output. Industrial policy focused on import substitution. Economic growth averaged 6.25% annually during Ayub's rule. However, foreign aid dependence rose and industrial protection policies made some industries inefficient. The 1965 war with India also slowed economic progress.
The Legal Framework Order of 1970 established the legal framework for elections in Pakistan following the abrogation of the 1962 constitution. It dissolved the One Unit system in West Pakistan and replaced the principle of parity with direct elections. The Order laid out the distribution of seats in the National and Provincial Assemblies, and established that elections would be held in October and December of 1970. It also outlined broad principles for the new constitution, including establishing Pakistan as an Islamic republic, preserving Islamic principles, and ensuring fundamental rights and independence for provinces.
Zulfiqar Ali Bhutto implemented several economic, land, education, and labor reforms during his time as Prime Minister of Pakistan from 1971 to 1977. This included nationalizing major industries, setting ceilings on land ownership, making education compulsory and free up to 10th grade, and passing laws to protect workers' rights. Bhutto also oversaw the introduction of a new socialist-leaning constitution in 1973 that established a parliamentary democracy, granted fundamental rights, and added some Islamic provisions like declaring Islam the state religion. Additionally, Bhutto signed the 1972 Simla Agreement with India to settle the 1971 war and improve diplomatic relations between the two countries.
Ayub Khan came to power in Pakistan in 1958 through a military coup. During his rule from 1958-1969:
- Pakistan experienced rapid economic growth of 6.25% annually on average due to industrialization policies that encouraged private sector growth and foreign investment.
- Agriculture was revived through green revolution policies involving new seeds, fertilizers, and irrigation infrastructure which increased crop yields.
- However, the economy also became over-reliant on foreign aid and developed large trade deficits as industrialization required many imports of machinery.
Zulfiqar ali bhutto’s era (1971 1977) HAMNA FATIMA
Zulfiqar Ali Bhutto served as President of Pakistan from 1971-1973 and as Prime Minister from 1973-1977. During his time in office, he nationalized major industries and established Pakistan's nuclear weapons program. However, his government grew increasingly authoritarian and faced rising opposition. Bhutto was ultimately overthrown in a military coup, tried and convicted on murded charges, and executed in 1979.
The document discusses Pakistan's economic structure, including its primary, secondary, and services sectors. It outlines problems facing Pakistan's industrial sector such as a lack of capital, limited markets, and inadequate infrastructure. Solutions proposed include developing a clear industrial strategy, providing financing and infrastructure, expanding technical education, and offering fiscal incentives. The document concludes with an economic review of Pakistan.
Nationalization in Pakistan entrepreneurtayyabaways
The document discusses nationalization in Pakistan in the 1970s under Prime Minister Zulfikar Ali Bhutto. It summarizes that Bhutto nationalized major industries like steel, heavy machinery, utilities, banks, insurance companies and shipping to promote economic democracy and reduce concentration of wealth. 31 industrial units were initially nationalized in 1972. In 1974, 13 banks, insurance companies, petroleum marketing and 10 shipping firms were nationalized. The goal was to reduce exploitation of workers and prevent economic power from being concentrated in few private hands. However, the nationalizations faced issues and criticism for being selective and later caused administrative problems.
The document summarizes the key political events and causes of tensions that led to the separation of East Pakistan (now Bangladesh) from Pakistan in 1971. It discusses:
1) Growing ethnic and economic tensions between East and West Pakistan since Pakistan's independence in 1947, with West Pakistan dominating political and economic power despite East Pakistan having a larger population.
2) The Awami League's electoral victory in 1970 based on its platform of greater autonomy for East Pakistan, and the military's refusal to convene the national assembly.
3) The breakdown of political negotiations in early 1971 and imposition of martial law in East Pakistan, leading to the Bangladesh Liberation War and its independence in December 1971.
Political social and economic Reforms of zulfiqar Ali bhuttoAqdasNoor
Zulfiqar Ali Bhutto introduced many political, economic, and social reforms during his time as President and later Prime Minister of Pakistan from 1971-1979. Some key reforms included nationalizing major industries, implementing land reforms, establishing rural health centers and education reforms like making primary education free. However, some of the economic reforms led to inefficiencies and high inflation over time. Bhutto sought to reduce inequality but some of his reforms were not effectively implemented and had unintended consequences for Pakistan's economy.
Feudalism has had a stronghold on Pakistan's economy and politics since its inception. Feudal landlords control vast tracts of land and exert influence over the bureaucracy, police, and judiciary in rural areas. While feudalism is in decline in urbanizing areas, it still plagues much of rural Pakistan. Younger, educated leaders are needed to implement land reforms and curb the power of feudal elites to help modernize Pakistan's economy and political system.
Hammad Ul Hussan discusses industrial development in Pakistan in 5 phases from 1947 to 2008. Key industries include cotton textiles, mining, sugar, surgical equipment, sports, and minor industries. Industrial development plays a vital role in Pakistan's economic growth by increasing income, stimulating other sectors, providing employment, boosting agriculture, reducing population growth, enabling defense capabilities, lessening pressure on land, and increasing government revenue through taxes.
problems and nature of federalism in Pakistan. the nature of federalism according to 1956, 1962, 1973 constitution of Pakistan and causes which embittered the relationships.
General Yahya Khan imposed martial law in Pakistan and refused to give autonomy to East Pakistan as promised by the Awami League after they won a majority of seats in the 1970 election. This led to war breaking out between Pakistan and India, which supported Bengali independence. Due to geographical, social, linguistic, and political differences, East Pakistan separated from West Pakistan on December 16, 1971 to become the independent country of Bangladesh.
Gen. Zia ul Haq took power in Pakistan in 1977 through a bloodless coup. Over the next 11 years, he instituted "Islamization" policies and cracked down on press freedoms, political opposition, and dissent. These policies included imposing sharia law, banning student unions and Ahmadi religious practices, and amending the constitution to strengthen the presidency. Zia remained in power through manipulated elections and referendums until his death in a 1988 plane crash.
Overview of Political Development in Pakistan zahid imran
Pakistan has experienced political instability since its independence in 1947. It transitioned through various forms of government including parliamentary democracy and military rule. Key leaders like Jinnah, Bhutto and Musharraf struggled to balance modern secular governance with conservative Islamic ideals. The military intervened several times when it viewed civilian governments as threatening the constitution or national security. Power struggles between secular and religious factions have continued to challenge Pakistan's political development.
Nationalization of financial sector pakistan 1974Umar Farooq Sahi
An analytical presentation on 1974 nationalization of banks and financial instituitions in Pakistan. Draws on primary sources: government and non-governmental sources, including, old economic surveys, books and research papers on the topic. Information about this topic is scarce and an open field for financial-analytical research.
For more explanation of slides, contact at: <i>
Done by:
Umer Toor, Hassan Mohi-ud-Din, Aqeel Rana, Waqas Khalique, Sehrish Asghar
The document provides a history of vernacular press and Urdu journalism in India. It notes that the first Urdu newspaper, Delhi Urdu Akhbar, was established in 1836. Urdu journalism grew remarkably in the 1830s-1840s due to factors like Urdu being declared the official language and the introduction of lithographic printing. The medium was widely used to promote western ideas and political awareness. Many influential Urdu newspapers were established in cities like Delhi, Lahore, and Lucknow in the late 19th century. Urdu journalism took on a strongly nationalistic tone in the early 20th century, covering political and social movements closely. The profession has continued to grow over the decades but also faced some decline
The document discusses key issues in Pakistan's industry, including the growth of small-scale sectors in textiles and manufacturing in the 1950s-1970s, issues affecting small-scale industries like lack of access to credit, and the decline of Pakistan's textile industry compared to other countries despite its large cotton production. It also examines debates around the efficiency and privatization of Pakistan's public sector industries.
East Pakistan Separation- History of SubContinentAqib Syed
East Pakistan Separation- History of SubContinent
Political system in Pakistan broke down in 1971 because of output failure arising out of conflict among East and West Pakistan.
Though separation of East Pakistan occurred in 1971, the separation’s elements had begun to work with the emergence of Pakistan in 1947. Following were the main causes of the separation of East Pakistan.
The document provides information about group members for a project and includes essays about Pakistan's former President Ayub Khan and the reforms he introduced. It lists 6 group members and their student IDs. There are essays about Ayub Khan's early life and career, how he declared martial law in 1958, and the legal, economic, educational, agricultural, trade and foreign policy reforms he introduced as President from 1958-1969.
Ayub Khan came to power in 1958 after a military coup. He aimed to rapidly industrialize Pakistan's economy and encourage private sector growth. Agricultural reforms like high-yielding seeds boosted farm output. Industrial policy focused on import substitution. Economic growth averaged 6.25% annually during Ayub's rule. However, foreign aid dependence rose and industrial protection policies made some industries inefficient. The 1965 war with India also slowed economic progress.
The Legal Framework Order of 1970 established the legal framework for elections in Pakistan following the abrogation of the 1962 constitution. It dissolved the One Unit system in West Pakistan and replaced the principle of parity with direct elections. The Order laid out the distribution of seats in the National and Provincial Assemblies, and established that elections would be held in October and December of 1970. It also outlined broad principles for the new constitution, including establishing Pakistan as an Islamic republic, preserving Islamic principles, and ensuring fundamental rights and independence for provinces.
Zulfiqar Ali Bhutto implemented several economic, land, education, and labor reforms during his time as Prime Minister of Pakistan from 1971 to 1977. This included nationalizing major industries, setting ceilings on land ownership, making education compulsory and free up to 10th grade, and passing laws to protect workers' rights. Bhutto also oversaw the introduction of a new socialist-leaning constitution in 1973 that established a parliamentary democracy, granted fundamental rights, and added some Islamic provisions like declaring Islam the state religion. Additionally, Bhutto signed the 1972 Simla Agreement with India to settle the 1971 war and improve diplomatic relations between the two countries.
Ayub Khan came to power in Pakistan in 1958 through a military coup. During his rule from 1958-1969:
- Pakistan experienced rapid economic growth of 6.25% annually on average due to industrialization policies that encouraged private sector growth and foreign investment.
- Agriculture was revived through green revolution policies involving new seeds, fertilizers, and irrigation infrastructure which increased crop yields.
- However, the economy also became over-reliant on foreign aid and developed large trade deficits as industrialization required many imports of machinery.
Zulfiqar ali bhutto’s era (1971 1977) HAMNA FATIMA
Zulfiqar Ali Bhutto served as President of Pakistan from 1971-1973 and as Prime Minister from 1973-1977. During his time in office, he nationalized major industries and established Pakistan's nuclear weapons program. However, his government grew increasingly authoritarian and faced rising opposition. Bhutto was ultimately overthrown in a military coup, tried and convicted on murded charges, and executed in 1979.
The document discusses Pakistan's economic structure, including its primary, secondary, and services sectors. It outlines problems facing Pakistan's industrial sector such as a lack of capital, limited markets, and inadequate infrastructure. Solutions proposed include developing a clear industrial strategy, providing financing and infrastructure, expanding technical education, and offering fiscal incentives. The document concludes with an economic review of Pakistan.
Nationalization in Pakistan entrepreneurtayyabaways
The document discusses nationalization in Pakistan in the 1970s under Prime Minister Zulfikar Ali Bhutto. It summarizes that Bhutto nationalized major industries like steel, heavy machinery, utilities, banks, insurance companies and shipping to promote economic democracy and reduce concentration of wealth. 31 industrial units were initially nationalized in 1972. In 1974, 13 banks, insurance companies, petroleum marketing and 10 shipping firms were nationalized. The goal was to reduce exploitation of workers and prevent economic power from being concentrated in few private hands. However, the nationalizations faced issues and criticism for being selective and later caused administrative problems.
The document summarizes the key political events and causes of tensions that led to the separation of East Pakistan (now Bangladesh) from Pakistan in 1971. It discusses:
1) Growing ethnic and economic tensions between East and West Pakistan since Pakistan's independence in 1947, with West Pakistan dominating political and economic power despite East Pakistan having a larger population.
2) The Awami League's electoral victory in 1970 based on its platform of greater autonomy for East Pakistan, and the military's refusal to convene the national assembly.
3) The breakdown of political negotiations in early 1971 and imposition of martial law in East Pakistan, leading to the Bangladesh Liberation War and its independence in December 1971.
Political social and economic Reforms of zulfiqar Ali bhuttoAqdasNoor
Zulfiqar Ali Bhutto introduced many political, economic, and social reforms during his time as President and later Prime Minister of Pakistan from 1971-1979. Some key reforms included nationalizing major industries, implementing land reforms, establishing rural health centers and education reforms like making primary education free. However, some of the economic reforms led to inefficiencies and high inflation over time. Bhutto sought to reduce inequality but some of his reforms were not effectively implemented and had unintended consequences for Pakistan's economy.
Feudalism has had a stronghold on Pakistan's economy and politics since its inception. Feudal landlords control vast tracts of land and exert influence over the bureaucracy, police, and judiciary in rural areas. While feudalism is in decline in urbanizing areas, it still plagues much of rural Pakistan. Younger, educated leaders are needed to implement land reforms and curb the power of feudal elites to help modernize Pakistan's economy and political system.
Hammad Ul Hussan discusses industrial development in Pakistan in 5 phases from 1947 to 2008. Key industries include cotton textiles, mining, sugar, surgical equipment, sports, and minor industries. Industrial development plays a vital role in Pakistan's economic growth by increasing income, stimulating other sectors, providing employment, boosting agriculture, reducing population growth, enabling defense capabilities, lessening pressure on land, and increasing government revenue through taxes.
problems and nature of federalism in Pakistan. the nature of federalism according to 1956, 1962, 1973 constitution of Pakistan and causes which embittered the relationships.
General Yahya Khan imposed martial law in Pakistan and refused to give autonomy to East Pakistan as promised by the Awami League after they won a majority of seats in the 1970 election. This led to war breaking out between Pakistan and India, which supported Bengali independence. Due to geographical, social, linguistic, and political differences, East Pakistan separated from West Pakistan on December 16, 1971 to become the independent country of Bangladesh.
Gen. Zia ul Haq took power in Pakistan in 1977 through a bloodless coup. Over the next 11 years, he instituted "Islamization" policies and cracked down on press freedoms, political opposition, and dissent. These policies included imposing sharia law, banning student unions and Ahmadi religious practices, and amending the constitution to strengthen the presidency. Zia remained in power through manipulated elections and referendums until his death in a 1988 plane crash.
Overview of Political Development in Pakistan zahid imran
Pakistan has experienced political instability since its independence in 1947. It transitioned through various forms of government including parliamentary democracy and military rule. Key leaders like Jinnah, Bhutto and Musharraf struggled to balance modern secular governance with conservative Islamic ideals. The military intervened several times when it viewed civilian governments as threatening the constitution or national security. Power struggles between secular and religious factions have continued to challenge Pakistan's political development.
Nationalization of financial sector pakistan 1974Umar Farooq Sahi
An analytical presentation on 1974 nationalization of banks and financial instituitions in Pakistan. Draws on primary sources: government and non-governmental sources, including, old economic surveys, books and research papers on the topic. Information about this topic is scarce and an open field for financial-analytical research.
For more explanation of slides, contact at: <i>
Done by:
Umer Toor, Hassan Mohi-ud-Din, Aqeel Rana, Waqas Khalique, Sehrish Asghar
The document provides a history of vernacular press and Urdu journalism in India. It notes that the first Urdu newspaper, Delhi Urdu Akhbar, was established in 1836. Urdu journalism grew remarkably in the 1830s-1840s due to factors like Urdu being declared the official language and the introduction of lithographic printing. The medium was widely used to promote western ideas and political awareness. Many influential Urdu newspapers were established in cities like Delhi, Lahore, and Lucknow in the late 19th century. Urdu journalism took on a strongly nationalistic tone in the early 20th century, covering political and social movements closely. The profession has continued to grow over the decades but also faced some decline
Maulana Muhammad Ali Jauhar was an Indian leader, activist, scholar and journalist born in 1878. He studied at prominent Muslim institutions in India and history at Oxford University. After returning to India, he became the educational director of Rampur state. He was a co-founder of the Muslim League in 1906 and Jamia Millia Islamia, and served as president of the Muslim League from 1918 to 1928. He opposed British rule and led the Khilafat Movement to stop the deposition of the Turkish sultan. Jauhar became president of the Indian National Congress in 1923 and supported Muhammad Ali Jinnah's Fourteen Points. He attended the Round Table Conference in 1930 before falling ill and dying in London in
nationaliztion & Privatization of banksAsHra ReHmat
This document discusses the nationalization and privatization of banks in Pakistan. It begins by defining nationalization as transferring ownership of an institution from private to state control. It describes how the 13 major banks in Pakistan were nationalized in 1974 to promote lending to agriculture and small businesses. This led to benefits like fair credit distribution but also issues like low efficiency and political interference. The document then discusses privatization, defined as transferring ownership from public to private. Pakistan began privatizing its nationalized banks in 1994 to improve performance and competition. Objectives of both nationalization and privatization are provided along with advantages and disadvantages of each approach.
All three approaches - individual efforts, family support, and government policies - work together to address the challenges of an aging society in Singapore. However, government policies play the most significant role because they provide crucial financial and social support for seniors.
The document discusses the ideological basis of Pakistan according to the 9th class Pakistan Studies textbook. It begins by defining ideology and discussing the ideology of Pakistan, which is based on Islam. It then provides examples of different types of ideologies such as religious, political, and economic ideologies. The rest of the document consists of questions and answers about topics related to the ideological basis of Pakistan, including the two-nation theory, the role of the Muslim League, and the evolution of the Pakistan ideology over time leading up to the creation of Pakistan in 1947.
This document outlines the 30 lectures of a Pakistan Studies course, covering topics such as:
- The ideology of Pakistan according to Quaid-e-Azam and Allama Iqbal
- The Aligarh Movement and contributions of Sir Syed Ahmad Khan
- Major political developments from 1857-1918 and the Khilafat Movement
- Muslim politics in British India from 1924-1935 and Iqbal's 1930 presidential address
- The Lahore Resolution of 1940 and major political developments in 1945-46
- Constitution making from 1947-1956 and an overview of Pakistan's political history
- Additional topics include Pakistan's geography, natural resources, education system, and foreign policy.
Unit iii industrial policy and industrial sickness - compiledNaveen Kumar
The document discusses India's industrial policies from 1948 to the 1990s. It summarizes the key points of the Industrial Policy Resolutions of 1948 and 1956 which established a mixed economy with both public and private sector roles. The 1956 resolution expanded the public sector and categorized industries. Subsequent policies in the 1970s and 1980s introduced some liberalization measures. The New Industrial Policy of 1991 further liberalized controls to increase competitiveness and efficiency. The document also discusses issues of industrial sickness and its causes.
The document provides an overview of public sector undertakings (PSUs) in India, including their origin, evolution, and current status. It discusses how PSUs were established to accelerate industrialization and modernization following independence. Initially focused on core industries, PSUs later expanded into various sectors. While intended to fulfill national goals, many PSUs accumulated losses. Recent reforms have privatized some non-strategic PSUs and increased private participation in profitable ones. The document also summarizes the history and operations of National Thermal Power Corporation, India's largest energy company and top power producer.
This document outlines the history and impact of privatization in Pakistan. It defines privatization as transferring enterprises from public to private sector. Pakistan began privatizing state-owned enterprises in the 1990s under Prime Minister Nawaz Sharif and continued efforts under Prime Ministers Shaukat Aziz and Pervez Musharraf. Privatization improved Pakistan's GDP growth rate and reduced inflation. However, some industries like Pakistan Steel Mills faced issues with full privatization. The document concludes that privatization generates significant revenue for the Pakistani government to use on other programs.
The document discusses the evolution of India's industrial policy resolutions from 1948 to 1991. The initial resolutions from 1948-1977 pursued a more restrictive approach with greater state control and regulation of industries. The resolutions from 1980 onward pursued a more liberalized approach, promoting competition, private investment, technological modernization, and dismantling the license permit raj system. The key resolutions included the 1948 resolution which initially classified industries, the 1956 resolution which expanded the public sector, the 1977 resolution which emphasized small industries, the 1980 resolution which focused on modernization, and the 1991 resolution which initiated liberalization and opening of the economy.
Evolution of Entrepreneurship in PakistanRizwan Qamar
This document discusses top business families in Pakistan and provides details about some of the most influential families. It notes that economic development in Pakistan is a recent post-colonial phenomenon and entrepreneurship has led to both wealth creation and accumulation of wealth through unproductive means. Some of the top business groups mentioned include Saigal, Dewan, and Habib groups. The era of Ayub Khan in the 1950s gave incentives to local businessmen and led to the emergence of twenty-two families that came to dominate the economy. Nationalization under Bhutto impacted these families negatively but policies under Sharif and Musharraf benefited private businesses.
The industrial policy of India aims to rapidly develop the country's industry and improve living standards. It classifies industries and defines the government and private sector roles. The 1991 policy largely dismantled the license permit raj system, opening most sectors to private investment while focusing the public sector on strategic industries. It encouraged foreign investment and technology to boost productivity and exports. However, some criticize it could lead to foreign domination and unemployment due to increased competition.
The document discusses India's industrial policies since independence in 1948. It provides details on the objectives and key aspects of various policy resolutions and statements over the decades. The initial 1948 policy aimed to rapidly develop industry and improve living standards through a mixed economy approach. It classified industries into public, private and cooperative sectors. Subsequent policies in 1956, 1980 and 1991 focused on accelerating growth, reducing regional disparities, and increasing the roles of small/private sectors and foreign investment through deregulation and liberalization.
The document summarizes India's industrial policies since independence. It begins with the first industrial policy resolution announced in 1948 that classified industries into public, private and joint sectors. Subsequent policies in 1956, 1980 and 1991 aimed to accelerate industrialization, promote small industries, allow greater private and foreign participation, and reduce licensing. The 1991 policy largely liberalized and deregulated industry by abolishing licensing, opening sectors to FDI and foreign tech, and reforming public enterprises and monopolies. While it created more opportunities, critics warned of threats from foreign competition and dominance.
A journey from eden building to motijheelM S Siddiqui
All the policy papers are silently in favor of reforms to encourage private sector but most of the members at political office and administration are against the opening up of the economy to the private sector. They don't own the policy and un-willingly implanting those policies. Maybe this dilemma ought to continue to end of the total transformation of economy.
This document summarizes the key events leading up to the 1984 Bhopal disaster in India, where a leak of methyl isocyanate gas from a Union Carbide pesticide plant killed thousands. It describes India's post-independence ambitions to industrialize, the establishment of the Union Carbide plant in Bhopal, the economic difficulties facing the plant, deteriorating safety practices, and the series of events on the night of the disaster when toxic gas leaked from the poorly maintained storage tank.
The document outlines India's industrial policies from 1948 to 1991. It discusses the Industrial Policy Resolution of 1948 which established the public sector's role in key industries. The 1956 policy expanded the public sector and aimed to reduce economic inequality and concentration of wealth. Industries were divided into public, mixed, and private sectors. The policies aimed to rapidly develop India's agriculture and industry while reducing poverty and inequality.
The Industrial Policy Resolution of 1948 classified industries in India into three categories - government monopoly, basic and strategic industries vested with the state, and private industries. The 1956 policy expanded the role of public sector and gave it dominance. It classified industries into schedules A, B, and C based on state ownership. Subsequent policies in 1973, 1977, and 1980 aimed to prevent monopoly, generate employment, develop backward regions, and achieve higher productivity and consumer production. The 1991 New Industrial Policy sought to liberalize industry, reduce the role of public sector, and encourage foreign participation in India's industrial development by abolishing industrial licensing and de-reserving industries.
The document summarizes key industrial policies and regulations in India over time. It discusses the Telangana state government's new industrial policy and its aims. It then provides an overview of India's central government industrial policy resolutions from 1948 to the present, including objectives, classifications of industries, and other details. Key reforms from the 1991 New Economic Policy and subsequent five-year plans are also summarized.
An industrial policy (IP) or industrial strategy of a country is its official strategic effort to encourage the development and growth of all or part of the economy, often focused on all or part of the manufacturing sector.
The document discusses the history of industrialization and the role of public and private sectors in Pakistan's economy. It describes how the Pakistan Industrial Development Corporation (PIDC) was established in 1950 to promote industries that the private sector lacked expertise and capital to develop. PIDC helped establish industries like fertilizer, cement and textiles, before transferring some projects to the private sector. However, nationalization of industries in 1972 greatly reduced the private sector. Later, privatization policies under General Zia-ul-Haq in the 1980s aimed to promote growth of the private sector again.
Ever since Corona Pandemic began, employee retention and employment
generation have inevitably become most important responsibilities of
Governments at the Centre, States & also Private Entrepreneurs. Mining,
Quarrying and Water resources management are the biggest outdoor sources of
employment besides Agriculture, for lakhs of youth, many of whom have
migrated back to their villages & towns. The mining sector has the potential to
grow to employ about 48lakh persons directly and create a total of 5 crore jobs
in mines and related ancillary industries and services, by 2025. The ratio of
direct to indirect employment in the Mining Sector is 1:10. “An investment of
US$ 1 in exploration is estimated to give a return of US$15” (Ernst and Young
Rept.-2011, p. 34). Another independent study says, that “for every rupee of
investment in mining there is an investment of Rs.12 in the downstream value
chain ancillary industries". Specially in case of gold, every tonne of gold mined
will save 55million US$ in Forex and ploughs Rs.150 to 200 Crores into the
Local Rural Economy in the form of wages, ancillary industries, supplies of
materials and machinery, skill development, rural infrastructure , education,
health care, entertainment etc., besides generating revenue to the Govt.
Therefore, mining serves to alleviate poverty to a large degree. As per
McKinsey Global Institute, India needs to create 150 million non-farm jobs by
2025, to significantly reduce poverty. The Confederation of Indian Industry
(CII) in 2011 had done a study for the Ministry of Mines and brought out a
“Skill Mapping Report”. As per this report, in the period up to 2025, there will
be a need for some 3,000 geoscientists and 40,000 mining engineers over and
above the normal supply. Achieving self-sufficiency in minerals and reducing
the dependence on import of metals and minerals, on a fast track investment
mode, are the other most important national goals set by the Hon’ble Finance &
Corporate Affairs Minister as a follow up on the Prime Minister’s call for a
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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
1. Program: BBA (Honors)
Submitted To:
Sir Yasir Hayat
Submitted By:
Asad Ashfaq
Roll # 03
Pak-AIMS(Institute of Management Science
Nationalization Act
1970s in Pakistan
2. 2
NationalizationAct 1970s inPakistan
WHAT IS NATIONALIZATION?
Nationalization is the process of taking a private industry or private assets into public ownership by
a national government or state. Nationalization usually refers to private assets, but may also mean
assets owned by lower levels of government, such as municipalities, being transferred to the public
sector to be operated and owned by the state. The opposite of nationalization is
usually privatization or de-nationalization, but may also be municipalization. Industries that are
usually subject nationalization include transport, communications, energy, banking and natural
resources, though there are other areas and there have even been calls for the nationalization of the
legal service.
Nationalized industries, charged with operating in the public interest, may be under strong political
and social pressures to give much more attention to externalities. They may be obliged to operate
some loss making activities where social benefits are clearly greater than social costs — for
example, rural postal and transport services. As an instance, the United States Postal Service is
guaranteed its nationalized status by the Constitution. The government has recognized these social
obligations and, in some cases, provides subsidies for such non-commercial operations.
DID NATIONALIZATION ACT OF 70S ACHIEVED ITS OBJECTIVES?
Zulfikar Ali Bhutto took over power on December 21, 1971 and the nationalization programme
began on January 2, 1972 in a vision to promote economic democracy, liberalization, and a
mainstream initial goal to put Pakistan in the line of state of progressivism. Ended effectively in
1977, the nationalization programme was again put forward by Prime minister Benazir Bhutto in
1996, and as Prime minister Yousaf Raza Gillani in 2012 who activated the programme in order to
bring three major mega corporations (Steel Mills, Railways and International Airlines) under the
government ownership to in an attempt to improve its structure and to alleviate its profitable
process.
Government promulgated the Nationalization and Economic Reforms Order nationalizing 31 key
industrial units, completely wiping out BECO while Saigol, Dawood, Amin and Fancy lost heavily.
In his address to the nation over radio and television, Bhutto said "I had made a pledge to the
people of Pakistan to implement industrial reforms. I am now beginning to redeem the pledge". It
was indeed only a beginning, and big business was to receive successive jolts during his six years
rule.
The Nationalization Order, 1972 provided for the nationalization of industry in Iron and steel sector,
basic metals, heavy engineering, heavy electrical, assembly and manufacture of motor vehicles and
tractors, heavy and basic chemicals, petrochemicals, cements, public utilities, power generation,
transmission and distribution, gas and oil refineries.
FIRST PHASE OF NATIONALIZATION:
INDUSTRIAL WERE TAKEN OVER UNDER THE NATIONALIZATION:
31 industrial units were taken over under the nationalization order but it was alleged subsequently
that nationalization was selective, to pick up some and to exclude others in the same fields. General
3. 3
NationalizationAct 1970s inPakistan
Zia privatized the Ittefaq foundary nearly eight years later on the ground that Ittefaq foundary was
nationalized while several others of same size were not. However the industries whose
nationalization was omitted by Bhutto were not mentioned.
31 Key industries nationalized in 1972
Units taken over in Karachi
1 Steel Corporation of Pakistan Fancy
2 Hyeson's Steel Hyesons
3 Ali Automobiles Jaffer Bros
4 Kandawala Industries
5 ROK Industries
6 Haroon Industries Haroon
7 Wazir Ali Industries Packages
8 Gandhara Industries Bibojee
9 Indus Chemical and Industries
10 Valika Cement Valika
11 Karachi Gas Fancy
12 Valika Chemicals Valika
13 Karachi Electric Fancy-Jaffer Bros
14 National Refinery
15 Pakistan Fertilizer Corporation Jaffer Bros
Units taken over in Punjab and NWFP
16 BECO C.M.Latif
17 M.K.Foundary
18 Ittefaq Foundry Ittefaq
19 Rana Tractors
20 United Chemicals Saigol
21 Pakistan Cement Saigol
22 Ismaeel Cement Colony
23 Central Iron and Steel Works
24 Valika Steel Works Valika
25 Jaffer Steel Corporation Jaffer Bros
26 Pakistan Progressiv Cement Wah Colony
27 Pakistan progressive Cement Dandot Colony
28 Rawal Pindi Electrics
29 Modern Steel Muredke
30 Multan Electric Supply Colony
31 Karim Industries Nowshehra Nishat
Nationalized Banks and their ownership
1 Habib Bank Ltd. Habib
2 United Bank Ltd Saigol
4. 4
NationalizationAct 1970s inPakistan
3 Muslim Commercial Bank Adamjee
4 Australasia Bank Colony
5 Premier Bank Arag
6 Habib Bank Overseas Habib
7 Commerce Bank Ltd Fancy
8 Memon Cooperative Bank Dawood
9 Lahore Commercial Bank Dawood
10 Punjab Cooperative Bank Dawood
11 Pakistan Bank Ltd Dawood
12 Bank of Bahawal Pur Dawood
13 Standards Bank
Natioanlized Insurance Companies
1 Eastern Federal Union (EFU) Arag
2 United Insurance Valika
3 New Jubilee Fancy
4 Adamjee Insurance Adamjee
5 Habib Isurance Habib
6 Premier Crescent
7 Central Dawood
8 IGI Packages
9 Union Nishat
Nationalized Shipping Companies
1 Pan Islamic Shipping Arag Industries
2 United Oriental Shipping Arag Industries
3 Trans Ocean Shipping
4 Mohammadi Shipping Arag Industries
5 Pakistan Shipping
6 East and West Shipping
7 Gulf Steam Shipping
8 Chittgong Shipping
9 Crescent Shipping Crescent
Leading industrialists like Ahmad Dawood, Fakhar ud Din Valika and Retd. Gen. Habib Ullah
Khattak were imprisoned, names of all leading industrialists were placed on the Exit Control List
and they were asked to surrender their passports. Several leading industrialists like Seth Habib
Aragwala were “GHARAOED" (Besieged) inside their offices by workers and there were reports
that the factory owners and members of their families were insulted and maltreated.
The nationalization order had excluded the private sector from operating in key economic fields and
therefore, several industrial licenses were cancelled which included Adamjee deutez, Shahnawaz
Industaries, Fecto tractors, Arusa Industaries for manufacturing tractors and Monnoo motors for
progressive assebly of Toyota cars. The nationalization order was followed within a fortnight by
another order banning the managing agency system under which companies were appointing
persons to be sole purchasers for sale or distribution. The managing agency system was one of the
5. 5
NationalizationAct 1970s inPakistan
medieval system practiced only on subcontinent which provided the mechanism through which
control over industrial sector was concentrated in a few hands. Under the managing agency system,
the corporate sector was controlled by a handfull of managing agents who perpetuated their control
over the affairs of the companies, without being accountable to the shareholders.
Lawrence White has illusttrated how the managing agency system was being used to hoodwink both
the shareholders and income tax authorities.
The Steel Corporation of Pakistan was one of listed companies controlled by the Fancy group and it
was buying its input for steel making from Pakistan Industaries limited, a wholly owned by Fancy
subsidiary. The products of Steel Corporation were marketed through a selling agent, steel sales
limited, another Fancy company.
The management of Steel Corporation vested in the hands of managing agents, industrial
management limited, again another Fancy company. Thus through the operations of these
companies, Pakistan Steel Corporation could distort the accounts anyway it desired.
M A Rangoonwala who was the biggest manufacturer of vegetable ghee (Cooking oil) controled
Libery-American Tank Terminal Company which had the monopoly of importing edible oil.
SECOND PHASE OF NATIONALIZATION:
Bhutto’s second bolt of nationalization came on Jan 1, 1974 when he decreed the nationalization of
banks, life insurance, shipping and marketing of petroleum products. 13 banks, over a dozen
insurance companies, two petroleum companies and 10 shipping companies were nationalized.
Finance Minister, Dr. Mobashar Hasan declared at a press conference next day that banks have been
nationalized because the wealth of the nation must be used for the benefit of the nation and cannot
be allowed to be concentrated in the banks of a few individuals.
"Banks which till Monday were the private property of a group are now public property. All our big
industries in the private sector were set up largely on the basis of financial accommodation
provided by the banks and the financial institutions. Because of the previous governments
obsessions with GNP growth, industrial power was concentrated in the hands of few rober
barons." he said.
Bhutto and his cabinet ministers were never apologetic about nationalization and strongly defended
it in meetings with the Pakistan Federation of Chamber of Commerce and Industry (FPCCI) and at
similar other forums. It was argued by them that the government was committed to end exploitation
of labor class to improve their working conditions and break the concentration of wealth.
On April 1, 1973 Bhutto told Lahore Chamber of Commerce and Industary (LCCI) that
"activity of public sector prevents the concentration of economic power in few hands and protects
the small and medium enterpreneurs from the clutches of giant enterprises and vested interests".
Althouth the PPP manifesto have never considered the possibility of nationalizing cotton, ginning,
rice husking and flour mills, on July 1, 1976 government nationalized 2815 cotton, ginning and rice
husking units, creating administrative nightmare and wide spread public resentment. The move was
6. 6
NationalizationAct 1970s inPakistan
justified by the need to eliminate middle men. It was said that the producer as well as consumers of
cotton, rice and wheat had been at the mercy of middle men trading in the milling of these
commodities, with the result that producers were deprived of due share and consumer got poor
quality and adulterated commodities at much higher prices.
Another important step taken by Bhutto to discipline the corporate sector to start work on new
company law and test was assigned to Rahim jan, a Chartered Accountant from Lahore. By the time
Z A Bhutto was ousted in July 1977 the draft of the company law was ready but Zia appointed a
commettee headed by Irtaza Husain to study the law which was promulgated only in 1984.
When Bhutto called elections in 1977 he had built a strong and sizeable public sector with priority
on cement, steel and fertilizers. It was on account of the great importance attached to the fertilizer
sector that Bhutto called upon a private sector entrepreneur, Syed Babar Ali of Packages Ltd. to
head National Fertilizer Corporation (NFC). The NFC was a little more than a name when he
assumed its control but within a year he launched work on three new plants, i.e Pak-Arab Fertilizer
at Multan, Pak-Saudi Fertilizer at Mirpur Mithelo and Hazara Fertilizer Complex at Haripur in the
NWFP. It was also during the same period that work started on Fauji Fertilizer at Got Machi, Rahim
Yar Khan in Southern Punjab.
Not a single Fertilizer factory has been set up in post-Bhutto era but the projects launched by his
government were enough to meet the requirements for more than a decade. Even today the fertilizer
projects sanctioned by Zia continue to face official procrastination because of strong importers
lobby. A detailed report about lobbies working against the phosphate fertilizer projects sanctioned
during Zia's era appeared in the daily, Business Recorder of Feb 4, 1994.
According to the report, these phoshate fertilizer projects namely Al-Noor Fertilizer, Fauji-Jordan
Fertilizer and Pak-Gul were approved in 1983 but failed to make headway for want of protection
against dumping. " Should the country become self-sufficient or remain at the mercy of industrial
giants was the main question?" the report asked.
During Bhutto's era, work started on the much-cherished Pakistan Steel Mills, the Heavy Foundary
and Forge and several cement factories like D G Khan Cement, Kohat Cement, Dandot Cement and
Thatta Cement and expansion on Javedan and Mustehkam cement units was undertaken.
Import of tractors in CKD (Completely Knocked Down) condition started in 1973 and I remember
Feroz Kaisar, Special Assistant to Prime Minister, proudly showing me photographs of imported
tractors being fitted with seats made in Pakistan. It was this small step towards indiginization which
has enabled Pakistan today to export tractors which have 90 percent components made in Pakistan.
Thus the number of bank branches, including branches abroad rose by 75 percent from 3,295 in
December 71 to 5,727 on November 30, 76, covering all towns and villages with a population of
5,000 in accordance with targets set after the nationalization of banks. In fact one of the most
radical steps taken by Bhutto government, even before nationalization of banks was the
promulgation of Banks Reform Act 1972 which assigned the State Bank of Pakistan the role of
increasing the flow of credit to the agricultural sector. Under the act, State Bank was empowered to
set target for lending to agriculture, imposing penalties for defaults and ensured a 50 percent
7. 7
NationalizationAct 1970s inPakistan
subsidy on losses on such lendings. An Agricultural Credit Advisory Committee was set up to
assess credit requirements of the sector. Agricultural produce rules were promulgated in 1973 which
stipulated that 70% of institutional lending should be for small land holders of 12.5 acres or less,
20% for farmers with holdings between 12.5 and 50 acres and 10% for large farmers.
The Bhutto government's credit allocation policy made it mandatory on banks to divert credit into
areas which otherwise would not have received credit under normal commercial banking. The
rationing of credit might look unreasonable in 1997 but it was revolutionary, considering the
situation in 1977 when banks were serving only industrial clients of a privillaged class.
The document " Promises and Performance" also observed that " the nationalization of financial
institutions, in effect meant the end of influence over them by industrial groups which had the
potential to establish monopolies, in various sectors of economy ". Moreover it said Monopoly
Control Authority (MCA) was keeping a strict watch over the industaries to ensure that monopolies
do not develop.
THIRT PHASE OF NATIONALIZATION:
The third Phase of nationalization was 2,000 cotton, ginning and rice husking units, came under the
nationalization programme. This programme met with administrative nightmare and wide spread
public resentment. The third programme eliminated the role of middle men, and it was rumored that
the producer as well as consumers of cotton, rice and wheat had been at the mercy of middle men
trading in the milling of these commodities, with the result that producers were deprived of due
share and consumer got poor quality and adulterated commodities at much higher prices. By 1977,
the peoples party's government had had built a strong and sizeable public sector with priority on
cement, steel and fertilizers.
IMPACT OF BHUTTO'S NATIONALIZATION ON ECONOMY OF PAKISTAN?
There are various implications that nationalization brought amongst them ; hyper inflation, drastic
fall in production & GDP growth which consequently led to low savings & tax collections ,resultant
amassing unemployment and loss of confidence in the investor sentiment. Zulfiqar Ali Bhutto was
descendant of rural agriculturist elites who had no idea of modern economics and industrial
development . He deluded the idea that business thrives on confidence. Bhutto's socialist policies
against the business elite was believed to be a measure to narrow the gap between the rich and poor
.But rather turned out to be an dictatorial move to save his own skin from a rising industrial class
focused on educating the masses and developing their skills. Last but not the least, by 1977 Bhutto s
popularity was severely tarnished at the same time the national elections were nearing.
Nationalization brought Pakistan s economy to its knees and sank the Pakistani public deeper into
poverty.
DISADVANTAGES OF NATIONALIZATION ACT OF 70s.
The nationalization policies had disastrous effects on economy and had damage the confidence of
investors in the country. The nationalization programme financially devastated 22 oligarch families,
8. 8
NationalizationAct 1970s inPakistan
while one investor quoting: "industrialists not just lost industrial units to Bhutto's nationalization
policy, they lost the urge to invest in Pakistan.". Major affect included Nawaz Sharif who lost the
major steel mill, the Ittefaq Group of Industries, and Chaudhry Shujaat Hussain's Gujrat
Enterprises. All 25 shipping companies were merged with Pakistan National Shipping
Corporation by Bhutto's nationalization programme; those who protested were imprisoned by the
government.
At an international level, the United States fully opposed the nationalization programme and marked
it as "ill-considered" decision of the government. Former Prime minister Nawaz Sharif, an affectee
of nationalization process, gave vehement criticism and cited nationalization programme as
"lamentable state of Pakistan". While on the other hand, the unnamed and anonymous United States
embassy officer later further noted that:
During Bhutto's five years in Pakistan's helm, Bhutto had retained an emotional hold on the poor
masses who had voted him overwhelmingly in 1970s general elections. At the same time, however,
Bhutto had many enemies. The nationalization of major private industries during his first two years
on office had badly upsets the Business circles, an ill-considered decision to take over the wheat-
milling, rice-husking, sugar mills, and cotton-gaining, industries in July of 1976 had angered the
small business owners and traders. Both leftists— socialists and communists, intellectuals, students,
and trade unionists— felt betrayed by Bhutto's shift to centre-right wing conservative economics
policies and by his growing collaboration with powerful feudal lords, Pakistan's traditional power
brokers. After 1976, Bhutto's aggressive authoritarian personal style and often high-handed way of
dealing with political rivals, dissidents, and opponents had also alienated many.
REFFERENCES:
1. Riazuddin, Riaz. "Pakistan: Financial Sector Assesment (1990-2000)". EconomicResearch Department of State Bank of
Pakistan. State Bank of Pakistan. Retrieved 2 June 2012.
2. ^ Story of Pakistan. "Zulfikar AliBhutto becomes President" . Jun 1, 2003. Story of Pakistan. Retrieved 31 May 2012.
3. Two Irish proverbsin a BBCprogrammeon Feb.17, 1995