Finance Ministry launches ’75 Years of Pakistan Economic Journey’

The Ministry of Finance and Revenue released a report titled “75 Years of Pakistan’s Economic Journey” on Saturday to lay out the details of the country’s economic advancement since it appeared on the world map.

The report also aims to highlight major events since independence that have significantly shaped the economic contours of the country. In his message, Finance and Revenue Minister Miftah Ismail said the shortage of resources to meet local needs after independence was no secret as India refused to give its fair share. wealth in Pakistan shortly after his birth. The country’s severely disrupted economic system as well as the settlement of refugees are the main challenges facing the newly born country, he said, adding that Pakistan’s economy has been revitalized quickly thanks to hard work and the determination of his people.

He said that a country of 30 million people in 1947 could not feed its people and had to import most of its food needs from abroad, adding that today local agricultural production had increased significantly and that Pakistan produced more than 26.4 million metric tons of wheat annually. compared the total production of 3.4 million tons in 1948, in addition to cotton reaching a level of more than 8.3 million bales in 2022 against 1.2 million bales in 1948. The production of sugar cane, he said, reached 88.7 million tons in 2022 from 5.5 million tons in 1948 and rice production was recorded at 9.3 million tons in 2022 from total production of 0, 7 million tons in 1948, added the minister.

Finance Minister said that Pakistan has constructed large and small dams like Tarbela Dam and Mangla Dam which increased water storage and availability to 131.0 MAF in 2022 from 63, 9 MAF in 1965-66, adding that he contributed to achieving sustainable growth of the agricultural sector in the country. He said that Pakistan has become one of the world’s leading exporters of textiles, pharmaceuticals and food-related items and that the economic policies of successive governments have promoted the sectors of industry, agriculture and services.

The perseverance of its people made Pakistan the world’s 24th largest economy by purchasing power parity and 44th by nominal GDP, he said, adding that in the financial year 1950, the Nominal GDP was 10.1 billion rupees or about $3.0 billion, while GDP per capita was Rs286 with a population of 35.3 million. In the financial year 2022, the nominal GDP stands at 66,950 billion rupees or $383 billion while the per capita income reached $1,798 in 2022, he said, adding that the country had successfully established its trade and economic ties with different countries and concluded several global trade agreements. agreements such as WTO, SCO, WCO, South Asian Association for Regional Cooperation, China-Pakistan Economic Corridor, bilateral and multilateral agreements including the EU-GSP Plus scheme. Miftah Ismail said all these successes were possible thanks to the dedication, hard work and resilience of the Pakistani people, adding that improved economic governance has paved the way for a prosperous and strong Pakistan.

He further said that given the current economic fundamentals and the sound economic policies adopted by the current government, the country is poised to become a global economic powerhouse. Meanwhile, Federal Finance Ministry Secretary Hamed Yaqoob Sheikh said Pakistan’s 75-year journey is a story of economic, political, social and regional events that have shaped the country we live in today. today. He said several boom and bust cycles, political crises and a myriad of geostrategic challenges have guided our policies and program. Today, he said Pakistan was ranked among the top 50 economies in the world with a GDP of $383 billion, adding that it had also established its vibrant banking system which has supported economic development over the years.