Q.Describe the path of developmental initiatives taken by Pakistan for its economic development.
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Start your 14-day free trial to unlock the full solution →Pakistan pursued a mixed-economy path: regulated import-substituting industrialisation with tariff protection, a Green Revolution that lifted farm output, nationalisation of industry in the 1970s, then a shift back to the private sector (denationalisation) in the late 1970s and economic reforms from 1988.
The developmental path of Pakistan
Like India, Pakistan followed a mixed economy model with the coexistence of the public and private sectors. Its development initiatives moved through several distinct phases.
Import-substituting industrialisation
In the late 1950s and 1960s, Pakistan introduced a variety of regulated policy framework for import-substituting industrialisation. The policy combined:
- Tariff protection for the manufacturing of consumer goods, and
- Direct import controls on competing imports.
The introduction of the Green Revolution and the increased public investment in infrastructure in select areas led to a rise in the production of food grains. This changed the agricultural structure and helped mechanise farming.
Nationalisation and its reversal
- In the 1970s, capital goods industries and important sectors were nationalised (brought under state ownership). …
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