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Bhutto’s economics and national problems

Hunaid Lakhani

The writer is Head of Bait-ul-mal Sindh & Founder of Iqra University.

The country’s economists are of the opinion that if the economic growth journey that started in the 1960s had continued, by now Pakistan might have gained its prominent place among the developed countries. Amid this period, economic assets began to grow rapidly.

The industries and the factories, developed by the state, were later handed over to businessmen by private means. With the encouragement of businessmen, people were also getting jobs in private companies. On the contrary, the manner in which this industrial model was scattered in Bhutto’s time had become part of history.

Former Prime Minister Zulfiqar Ali Bhutto nationalized this private industrial revolution and handed over these industries to his incompetent and inexperienced people and bureaucrats, which gradually reduced the efficiency of factories and industries to zero.

This was the reason why the 1977 labourer and farmer who was once a fan of Bhutto became disillusioned with him. Pakistan’s economy is still suffering due to the failed economic policies of Bhutto.

In 1972, when Bhutto implemented his manifesto, he took over banks, including industrial and educational institutions. At the same time, he took over other lucrative businesses and started the process of political recruitment. And these gold-mining factories and industries came under the control of only those who remained in the ministries.

By raising slogans against the capitalist system, Bhutto’s action has strengthened only a few families to this day and the rest of the people in the country became restless. The journey of wealth revolved around the people in power, and their relatives who are enjoying to date.

After Bhutto, another major enemy of the country’s economy is former Prime Minister Mian Nawaz Sharif, who generously poured the country’s treasury on his relatives and partners. The Sharif family topped the list of parachute politicians founded during the time of General Zia-ul-Haq.

The process of de-nationalization started in the 90s but the domestic industry could not stand on its own feet. After the economic catastrophe under Bhutto, Nawaz Sharif took over his responsibility and mission in his own way.

Nawaz Sharif showed his performance in the country’s economy in such a way that the market for corruption in the country became hot, licenses, the permission of secretaries, contracting system and the practice of bribery began to take place. The process of filling up the foreign accounts of major political leaders began during this period.

That is why despite the advent of private industries, Pakistan has not developed as much as it did in the 60s. The private sector is a major source of employment for the people.

However, despite the abolition of Bhutto-era policies on private companies, the industrial revolution could not take place in the country, largely due to the rampant corruption in the Nawaz and Zardari era.

Inattention to the country’s economy and lotto to fu too issue was going on in the country, electricity, gas and law and order situation had disrupted the steps of the owners of private companies.

Similarly, Zardari also made a lot of money during Benazir’s tenure and adopted the same formula which soon made him known as Mr. Ten Percent. And Benazir’s government was thrown over corruption and more than twenty cases were filed against her.

Today, the result of plundering rulers our country’s economy has not developed yet. Thanks to bribery and thievery in the country’s institutions that the country is now surrounded by a shortage of electricity, gas and still facing security issues.

While our Prime Minister Imran Khan speaks of the Ayub era from an economic point of view, he also mentions China’s economic development. China introduced the concept of a centralized economy to the whole world, not only providing business opportunities to its own people but also allowing various foreign companies to operate. Because, there was no Bhutto’s government, which made China’s economy even better.

The Chinese government’s work to lift people out of poverty is a milestone in human history as I have told a story of economic catastrophe by previous governments of Pakistan.

Our country is also suffering from linguistic, religious and sectarian prejudices in these periods. In China, where the economic revolution has improved the lives of ordinary people, the wealth of capitalist business and government circles in Pakistan has increased exponentially. But a common man in this country was forced to commit suicide due to poverty.

In Pakistan, the economy is heavily dependent on foreign loans. Sectors like health, education and tourism have sprung up, but it has not benefited a single person. In matters like energy and water, the cries of the people and business people could be heard clearly.

The problems that our country is facing today are due to the negative style of government of corrupt rulers, mismanagement and thousands of stories of corruption.

However, the good news for the nation is that this journey of economic catastrophe that started in the era of Zulfiqar Ali Bhutto has come to an end in 2018. It is hoped that Prime Minister Imran Khan will bury Bhutto in the coffin of hereditary politicians forever.

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