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First Five-Year Plans (Pakistan)
The First Five-Year Plans for the National Economy of Pakistan, (or also known as First Five-Year Plans), was a set of the Soviet-styled centralized economic plans and targets as part of the economic development initiatives, in the Pakistan. The plans were drafted by the Finance minister Malick Ghoulam to Prime minister Liaquat Ali Khan who initially backed the programme, in 1948. At the time of independence of British India by the United Kingdom, Pakistan was an underdeveloped country, relatively standing with Asian countries with distressful economic situations. The country's systems of production, transportation, trade and consumption yielded a very low standard of living of the people, with little opportunity for education, or economic advancement in the country. The industries and financial services were non-existed in the country and agriculture development was among the lowest in the world. The vast majority of the population still inhabited villages and were unto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Five-year Plans Of The Soviet Union
The five-year plans for the development of the national economy of the Union of Soviet Socialist Republics (USSR) (, ''pyatiletniye plany razvitiya narodnogo khozyaystva SSSR'') consisted of a series of nationwide Centralized planning, centralized economic planning, economic plans in the Soviet Union, beginning in the late 1920s. The Soviet state planning committee Gosplan developed these plans based on the theory of the productive forces that formed part of the Ideology of the Communist Party of the Soviet Union, ideology of the Communist Party of the Soviet Union, Communist Party for Economic development, development of the economy of the Soviet Union, Soviet economy. Fulfilling the Economy of the Soviet Union#Planning, current plan became the watchword of Soviet Bureaucracy, Soviet bureaucracy. Several Soviet five-year plans did not take up the full period of time assigned to them: some were pronounced successfully completed earlier than expected, some took much longer than ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agriculture Of Pakistan
Agriculture is considered the backbone of Pakistan's economy, which relies heavily on its major crops. Pakistan's principal natural resources are arable land and water. Agriculture accounts for about 18.9% of Pakistan's GDP and employs about 42.3% of the labour force. The most agricultural province is Punjab where wheat & cotton are the most grown. Mango orchards are mostly found in Sindh and Punjab provinces, making it the world's fourth largest producer of mangoes. People rely on diesel to fuel their tractors, and consequently, an increase in diesel prices will further exacerbate their hardships. Climate change has begun to exert considerable pressure on Pakistan’s agricultural sector, with rising temperatures, water shortages, and unpredictable weather patterns affecting both crop quality and yield. In response, the country has seen the emergence of agritech initiatives promoting modern farming practices such as precision agriculture, solar-powered irrigation, and mobi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India–Pakistan Relations
India and Pakistan have a complex and largely hostile relationship that is rooted in a multitude of historical and political events, most notably the Partition of India, partition of British India in August 1947. Two years after World War II, the United Kingdom formally dissolved British Raj, British India, dividing it into two new sovereign nations: the Dominion of India, Union of India and Dominion of Pakistan, Pakistan. The partitioning of the former British colony resulted in the displacement of up to 15 million people, with the death toll estimated to have reached between several hundred thousand and one million people as Hindus and Muslims migrated in opposite directions across the Radcliffe Line to reach India and Pakistan, respectively. In 1950, India emerged as a secularism in India, secular republic with a Hinduism in India, Hindu-majority population. Shortly afterwards, in 1956, Pakistan emerged as an Islamic republic with a Islam in Pakistan, Muslim-majority populatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word '' pound'' is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency in continuous use since its inception. In 2022, it was the fourth-most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the renminbi, it forms the basket of currencies that calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Devaluation
In macroeconomics and modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the national currency in relation to a foreign reference currency or currency basket. The opposite of devaluation, a change in the exchange rate making the domestic currency more expensive, is called a '' revaluation''. A monetary authority (e.g., a central bank) maintains a fixed value of its currency by being ready to buy or sell foreign currency with the domestic currency at a stated rate; a devaluation is an indication that the monetary authority will buy and sell foreign currency at a lower rate. However, under a floating exchange rate system (in which exchange rates are determined by market forces acting on the foreign exchange market, and not by government or central bank policy actions), a decrease in a currency's value relative to other major cur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India
India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since 2023; and, since its independence in 1947, the world's most populous democracy. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is near Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand, Myanmar, and Indonesia. Modern humans arrived on the Indian subcontinent from Africa no later than 55,000 years ago., "Y-Chromosome and Mt-DNA data support the colonization of South Asia by modern humans originating in Africa. ... Coalescence dates for most non-European populations averag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency War
Currency war, also known as competitive devaluations, is a condition in international relations, international affairs where countries seek to gain a trade advantage over other countries by causing the exchange rate of their currency to fall in relation to other currencies. As the exchange rate of a country's currency falls, exports become more competitive in other countries, and imports into the country become more and more expensive. Both effects benefit the domestic industry, and thus employment, which receives a boost in demand from both domestic and foreign markets. However, the price increases for import goods (as well as in the cost of foreign travel) are unpopular as they harm citizens' purchasing power; and when all countries adopt a similar strategy, it can lead to a general decline in international trade, harming all countries. Historically, competitive devaluations have been rare as countries have generally preferred to maintain a high value for their currency. Countri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Bank Of Pakistan
The State Bank of Pakistan (SBP) is the central bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was nationalised and the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of the country in Karachi. The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC), the operational arm of the Central Bank with Branch Office in 16 cities across Pakistan, including the capital Islamabad and the four provincial capitals Lahore, Karachi, Peshawar, Quetta. The State Bank of Pakistan has other fully owned subsidiaries as well: National Institute of Banking and Finance, the training arm of the bank providing training to Commercial Banks, the Deposit Protection Corporation, and ownershi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trickle-down Economics
Trickle-down economics, also known as the horse-and-sparrow theory, is a pejorative term for government economic policies that disproportionately favor the upper tier of the economic spectrum (wealthy individuals and large corporations). The term has been used broadly by critics of supply-side economics to refer to taxing and spending policies by governments that, intentionally or not, result in widening income inequality; it has also been used in critical references to neoliberalism. These critics reject the notion that spending by this elite group would "trickle down" to those who are less fortunate and lead to economic growth that will eventually benefit the economy as a whole. It has been criticized by economists on the grounds that no mainstream economist or major political party advocates theories or policies using the term trickle-down economics. While criticisms have existed since at least the 19th century, the term "trickle-down economics" was popularized in the US ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost-of-production Theory Of Value
In economics, the cost-of-production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can comprise any of the factors of production (including labor, capital, or land) and taxation. The theory makes the most sense under assumptions of constant returns to scale and the existence of just one non-produced factor of production. With these assumptions, minimal price theorem, a dual version of the so-called non-substitution theorem by Paul Samuelson, holds.Y. Shiozawa, M. Morioka and K. Taniguchi 2019 ''Microfoundations of Evolutionary Economics'', Tokyo, Springer. Under these assumptions, the long-run price of a commodity is equal to the sum of the cost of the inputs into that commodity, including interest charges. Historical development of the theory Historically, the best-known proponent of such theories is probably Adam Smith. Piero Sraffa, in his introduction to the firs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Coordination Committee
The Economic Coordination Committee ( reporting name:ECC), () is a principle federal institution and a consultative forum used by the people-elected Prime Minister of Pakistan as its chairman, for concerning matters of state's economic security, geoeconomic, political economic and financial endowment issues. Although it is often chaired by the Finance Minister and the senior economic officials as its members on multiple occasions, the key executive authorization on key economic policies are made by the Prime Minister of Pakistan who reserves the right call upon and serves as the chairman of the ECC. Established in 1965 by President Ayub Khan, its primary functions and responsibility is to finalize executive economic decisions to national economy, and to assist Prime Minister and his key staff on issues involving the economic security, threat of war, economic effects of nuclear weapons, and challenges in geoeconomic policies. The ECC served as Prime Minister's principal decis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Finance (Pakistan)
The Ministry of Finance is a cabinet-level ministry of the government of Pakistan that is in charge of government finance, fiscal policy, and financial regulation. A Finance Minister, an executive or cabinet position heads it. The Minister is responsible each year for presenting the federal government's budget to the Parliament of Pakistan. History of the Ministry of Finance Established as the first administrative ministry of Pakistan's executive branch in 1947, the Ministry of Finance is considered among the most powerful portfolio and prestigious executive assignments in Pakistan's political spectrum. Ghulam Muhammad, the first finance minister of Pakistan, had neither a watermark nor a security thread. In the line of session to the prime minister, the Finance Minister is second-in-line, and many have ascended as Prime Minister after serving first as Finance Minister. Divisions Finance The ''Finance Division'' comes under the supervision of the Secretary of Finance. The d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
