Economic System of Pakistan
An overview of Pakistan's Economy.
A bloody struggle of Muslims of south Asia under the leadership of Quaid e Azam Muhammad Ali Jinnah, culminated Pakistan on 14th August 1947. She started her journey as a country without many resources, no machinery, no industry, not much educated middle class, a huge problem of refugees and a neighbor always waiting for the kill. In 63 years Pakistan has come a long way, she is now 27th biggest economy of the world and the only nuclear power in the Muslim world. Pakistan came into being after the division of the sub continent; she consists of the western part of subcontinent. It has a 1,046-kilometre (650 mi) coastline along the Arabian Sea and Gulf of Oman in the south, is bordered by Afghanistan and Iran in the west, and India in the east and China in the far northeast. Tajikistan also lies very close to Pakistan but is separated by the narrow Wakhan Corridor. Thus, it occupies a crossroads position between South Asia, Central Asia and the Middle East. By having Arabian Sea in south, she enjoys a great strategic location especially when seen as a trade route to Afghanistan, central Asian countries, Russia and China. Pakistan has the gift of immense mineral resources, favorable climate through out the year and a fertile land for agriculture. Hence it has all the ingredients which are the prerequisites of a strong economy.
The building of Pakistan’s Economy consists of 3 main pillars; these are Services, Industry and Agriculture. Pakistan is said to be an Agricultural country as above 21% of the total contribution in income come from agriculture, in addition it is the main source of raw material for the industries, especially textile and sugar cane industry. Agriculture of Pakistan consists of 4 main components they are crops, forestry, live stock and fisheries. Major crops of Pakistan are Cotton, Sugarcane, Rice, Wheat, Maize and Pulses. Cotton being a non food cash crop contributes significantly in foreign exchange
A bloody struggle of Muslims of south Asia under the leadership of Quaid e Azam Muhammad Ali Jinnah, culminated Pakistan on 14th August 1947. She started her journey as a country without many resources, no machinery, no industry, not much educated middle class, a huge problem of refugees and a neighbor always waiting for the kill. In 63 years Pakistan has come a long way, she is now 27th biggest economy of the world and the only nuclear power in the Muslim world. Pakistan came into being after the division of the sub continent; she consists of the western part of subcontinent. It has a 1,046-kilometre (650 mi) coastline along the Arabian Sea and Gulf of Oman in the south, is bordered by Afghanistan and Iran in the west, and India in the east and China in the far northeast. Tajikistan also lies very close to Pakistan but is separated by the narrow Wakhan Corridor. Thus, it occupies a crossroads position between South Asia, Central Asia and the Middle East. By having Arabian Sea in south, she enjoys a great strategic location especially when seen as a trade route to Afghanistan, central Asian countries, Russia and China. Pakistan has the gift of immense mineral resources, favorable climate through out the year and a fertile land for agriculture. Hence it has all the ingredients which are the prerequisites of a strong economy.
The building of Pakistan’s Economy consists of 3 main pillars; these are Services, Industry and Agriculture. Pakistan is said to be an Agricultural country as above 21% of the total contribution in income come from agriculture, in addition it is the main source of raw material for the industries, especially textile and sugar cane industry. Agriculture of Pakistan consists of 4 main components they are crops, forestry, live stock and fisheries. Major crops of Pakistan are Cotton, Sugarcane, Rice, Wheat, Maize and Pulses. Cotton being a non food cash crop contributes significantly in foreign exchange