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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 untouche ... [...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) ( rus, Пятилетние планы развития народного хозяйства СССР, ''Pyatiletniye plany razvitiya narodnogo khozyaystva SSSR'') consisted of a series of nationwide centralized 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 for development of the Soviet economy. Fulfilling the current plan became the watchword of 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 expected, and others failed altogether and had to be abandoned. Altogether, Gosplan launched thirteen five-year plans. The initial five-ye ... [...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. Early history Barley and wheat cultivation—along with the domestication of cattle, primarily sheep and goat—was visible in Mehrgarh by 8000–6000 BCE. They cultivated six-row barley, einkorn and emmer wheat, jujubes and dates, and herded sheep, goats and cattle. Residents of the later period (5500 BC to 2600 BC) put much effort into crafts, including flint knapping, tanning, bead production, and metal working. The site was occupied continuously until about 2655 BC. Irrigation was developed in the Indus Vall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India–Pakistan Relations
India–Pakistan relations are the bilateral ties between the Republic of India and the Islamic Republic of Pakistan. The two countries have a complex and largely hostile relationship that is rooted in a multitude of historical and political events, most notably the partition of British India in August 1947; the India–Pakistan border is one of the most militarised international boundaries in the world. Northern India and most of modern-day Pakistan overlap with each other in terms of their common Indo-Aryan demographic, natively speaking a variety of Indo-Aryan languages (mainly Punjabi, Sindhi, and Hindi–Urdu). Two years after World War II, the United Kingdom formally dissolved British India, dividing it into two new sovereign nations: the Dominion of India and the Dominion of 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) 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 that is still in use and that has been in continuous use since its inception. It is currently 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 Renminbi, it forms the basket of currencies which calculate the value of IMF special drawing rights. As of mid-2021, 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 ... [...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 curren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. 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 in the vicinity of 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 average to between 73–55 ka.", "Modern human beings—''Homo sapiens''—originated in Africa. Then, int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency War
Currency war, also known as competitive devaluations, is a condition in 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. Countries have generally allowed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Bank Of Pakistan
The State Bank of Pakistan (SBP) ( ur, ) 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 Nationalized 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trickle-down Economics
Trickle-down economics is a term used in critical references to economic policies that favor the upper income brackets, corporations, and individuals with substantial wealth or capital. In recent history, the term has been used by critics of supply-side economics. Whereas general supply-side theory favors lowering taxes overall, trickle-down theory more specifically advocates for a lower tax burden on the upper end of the economic spectrum. Major examples of US Republicans supporting what critics call "trickle-down economics" include the Reagan tax cuts, the Bush tax cuts and the Tax Cuts and Jobs Act of 2017. In each of the aforementioned tax reforms, taxes were cut across all income brackets, but the biggest reductions were given to the highest income earners, although the Reagan Era tax reforms also introduced the earned income tax credit which has received bipartisan praise for poverty reduction and is largely why the bottom half of workers pay no federal income tax. Si ... [...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 first volu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Coordination Committee
The Economic Coordination Committee ( reporting name:ECC), ( ur, ) 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 d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Finance (Pakistan)
The Ministry of Finance and Revenue ( ur, ) or Ministry of Finance ( ur, , ''Wazarat-e-khazana'', abbreviated as MoF) is a ministry of the Government of Pakistan tasked to ensure a strong Pakistani economy by developing policies of sound economic management and providing expert advice to the government. Minister The Minister of Finance is leading cabinet member who responsible each year for presenting the federal government's budget. It is one of the most important positions in the Cabinet. Because of the prominence and responsibility of this position, it is not uncommon for former Ministers of Finance to be appointed Prime Minister. The current Minister of Finance of Pakistan is Miftah Ismail, he was appointed to this position by the Prime minister of Pakistan on 19 April 2022. The previous Minister of Finance was Shaukat Tarin. Divisions Finance The ''Finance Division'' comes under the supervision of the Secretary of Finance. The division's bureaucracy is divided into seve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
