Who Owns Pakistan - Yimg

More documents

Recommendations

Info

Kohat Cement, Dandot Cement and Thatta Cement and expansion on Javedan and Mustehkam cement units was undertaken. Import of tractors in CKD (Completely Knocked Down) condition started in 1973 and I remember Feroz Kaisar, Special Assistant to Prime Minister, proudly showing me photographs of imported tractors being fitted with seats made in Pakistan. It was this small step towards indiginization which has enabled Pakistan today to export tractors which have 90 percent components made in Pakistan. At the height of agitation against government, Bhutto is reported to have observed that it was not merely Pakistan's nuclear programme but also his bid to make country self-sufficient in fertilizers, steel and cement that turned the Americans against him. On the eve of 1977 election, the PPP government brought out a comprehensive document called " Promises and Performance". In its preamble Bhutto proudly declared that " this administration is going to run on its records. Previous governments ran away from theirs". The document was a clause by clause statement of what manifesto had promised and what have been achieved. It recalled, for exemple that PPP government had nationalized on the ground that Credit facilities had been monopolised by owners of the banks for setting up their own industaries. While under previous ownership bank branches were limited to urban centers, the nationalized banks were asked to open braches in rural areas. Thus the number of bank branches, including branches abroad rose by 75 percent from 3,295 in December 71 to 5,727 on November 30, 76, covering all towns and villages with a population of 5,000 in accordance with targets set after the nationalization of banks. In fact one of the most radical steps taken by Bhutto government, even before nationalization of banks was the promulgation of Banks Reform Act 1972 which assigned the State Bank of Pakistan the role of increasing the flow of credit to the agricultural sector. Under the act, State Bank was empowered to set target for lending to agriculture, imposing penalties for defaults and ensured a 50 percent subsidy on losses on such lendings. An Agricultural Credit Advisory Committee was set up to assess credit requirements of the sector. Agricultural produce rules were promulgated in 1973 which stipulated that 70% of institutional lending should be for small land holders of 12.5 acres or less, 20% for farmers with holdings between 12.5 and 50 acres and 10% for large farmers. The Bhutto government's credit allocation policy made it mandatory on banks to divert credit into areas which otherwise would not have received credit under normal commercial banking. The rationing of credit might look unreasonable in 1997 but it was revolutionary, considering the situation in 1977 when banks were serving only industrial clients of a privillaged class. 19
The document " Promises and Performance" also observed that " the nationalization of financial institutions, in effect meant the end of influence over them by industrial groups which had the potential to establish monopolies, in various sectors of economy ". Moreover it said Monopoly Control Authority (MCA) was keeping a strict watch over the industries to ensure that monopolies do not develop. Impact of Nationalization on Pakistan's Economic Development " We would have had the likes of Birlas and Tatas but for nationalization." Nasim Saigol, Interview with Business Today, India. March 22-April 6,1992 " Had we gone at the rate of growth during the decade of 1960's, I reckon we would have definitely been an Asian tiger by now" Abdul Hameed. M. Dadabhoy, Interview with Daily Dawn September 9, 1995. Bhutto's nationalization broke some of the 22 families financially but several of them were also broken in body and spirit, with the result that they disposed off industaries that escaped nationalization or self-imposed a moratorium on new projects. Farooq A Shaikh of Colony group, one of the major affectees of nationalization remarked in an interview with author that top Pakistani industrialists not just lost industrial units to Bhutto's nationalization policy, they lost the urge to invest in Pakistan. " We concluded regretfully that it was a bad judgement on the part of our group to have remained exclusively confined to Pakistan. It was like putting all the eggs in one basket", he said while noting that several industrialists particularly those from Karachi had resorted to flight of capital, ahead of Bhutto's nationalization and were able to comfortably live out the Bhutto era in Europe or United States on business ventures set up there. Karachi based business communities of Memons, Khojas and Bhoras had led the first wave of industrial development in Pakistan but it were they who suffered most in the seperation of East Pakistan and Bhutto's nationalization. These business communities had been seasoned by persecutions of different types in their abodes in India and elsewhere, particularly, Burma, and therefore, they responded in the only way that was expected in such a situation , i.e switch over investment and move abroad. It is not surprising that several leading industrial families of the 1970 era have not set up a single big industrial project in 25 years since nationalization. 20
Page 1: Who Owns Pakistan By Shahid-ur-Rahm
Page 4 and 5: G: UBL Privatization Bid ..........
Page 6 and 7: Pakistan's Robber Barons ..........
Page 8 and 9: A Brief introduction - For those wh
Page 10 and 11: Prologue "I Nawaz Sharif, do solemn
Page 12 and 13: Nawaz Sharif was not an individual.
Page 14 and 15: A white paper on " Economy under Bh
Page 16 and 17: The first Nawaz government was foll
Page 18 and 19: Another remarkable person mentioned
Page 20 and 21: Dawood lost Karnaphuli Paper Mills,
Page 22 and 23: disprove that bulk of the banking a
Page 24 and 25: perpetuated their control over the
Page 28 and 29: Earlier in this chapter, we have li
Page 30 and 31: Insurance companies of 22 families
Page 32 and 33: Born in Rangoon, M A Rangoonwala ha
Page 34 and 35: Crescent was a joint venture of fou
Page 36 and 37: Privatization - Turning the Clock B
Page 38 and 39: day Privatization Conference in Isl
Page 40 and 41: Independant Resource Group (IRG) of
Page 42 and 43: companies, management was to be tra
Page 44 and 45: Accelerated privatization under a f
Page 46 and 47: Finance Minister took a conscious d
Page 48 and 49: clauses and buyers have committed b
Page 50 and 51: 22nd May, 1989 suggested a strategy
Page 52 and 53: Pakistan Petroleum Limited (PPL) to
Page 54 and 55: group but thanks largely to the ala
Page 56 and 57: caretaker govt. to recover Rs 1,500
Page 58 and 59: Pakistan, had incorporated Muslim C
Page 60 and 61: Cement for Rs 137 million and Rs 18
Page 62 and 63: 5-star hotel. Bhutto who had planne
Page 64 and 65: For example, PSL is being managed b
Page 66 and 67: According to the Khalid Anwar, Burm
Page 68 and 69: also been assigned to the shelves o
Page 70 and 71: 32 Harijanss 61 - 61 33 Shafi 60.2
Page 72 and 73: 21 Sargodha 2,743 -- 22 Al-Noor 2,5
Page 74 and 75: had opened their offices in Japan,
Page 76 and 77:
East, REDCO Textile Mills and Const
Page 78 and 79:
4 billion and a roaster of impressi
Page 80 and 81:
The geographic location of the comp
Page 82 and 83:
Haroon's great grandfather had migr
Page 84 and 85:
Gujrati and tended to be organised
Page 86 and 87:
9 Karim 3 10 Hasham 2 11 Latif Jama
Page 88 and 89:
At present, the Kaiser Monnoo group
Page 90 and 91:
Sugar Mills and Samundri Sugar Mill
Page 92 and 93:
" The days immediately after nation
Page 94 and 95:
fortunes which were multiplied, in
Page 96 and 97:
the pioneer Muslim industrialist in
Page 98 and 99:
According to Lawrence White, top se
Page 100 and 101:
Beginning of Bad Loans Bhutto's nat
Page 102 and 103:
Jang, Rawalpindi of December 14, 19
Page 104 and 105:
8 Saigol 1,086 9 Naqvi 1,056 10 Zah
Page 106 and 107:
10, 1997, the Supreme Court observe
Page 108 and 109:
Prime Minister Nawaz Sharif will gl
Page 110 and 111:
specific tax holidays. It was not c
Page 112 and 113:
This decision is based on personal
Page 114 and 115:
oil". It is not difficult from the
Page 116 and 117:
In the fiscal year 1991-92, Messers
Page 118 and 119:
21 Hussain Nawaz Sharif 3,285,6813
Page 120 and 121:
The voiceless small investors have
Page 122 and 123:
Chapter Four - Pakistan's Tax Web P
Page 124 and 125:
28. Ushr 29. Oilseeds Development C
Page 126 and 127:
political heavyweights or their hen
Page 128 and 129:
Export Duties It is one of the most
Page 130 and 131:
Capital Gain Tax As is evident from
Page 132 and 133:
Law Authority will soon seek public
Page 134 and 135:
Chapter 5 - Money and Politics Elec
Page 136 and 137:
Some of the known units of Saifulla
Page 138 and 139:
These charges were peanuts when vie
Page 140 and 141:
In the references about Lakeview Ho
Page 142 and 143:
Epilogue For several years, the peo
Page 144 and 145:
One wonders how a government that c
Page 146 and 147:
accustomed to buying his casual out
Page 148 and 149:
141
Page 150 and 151:
chemicals, synthetic fibres, cookin
Page 152 and 153:
Iqbal Saigol S. No Name Assets Turn
Page 154 and 155:
In a communication to the author in
Page 156 and 157:
Dewan Listed Companies S. NO Names
Page 158 and 159:
conference in Islamabad, on March 2
Page 160 and 161:
Listed Companies S. No Company Asse
Page 162 and 163:
when the Rserve Bank of India faile
Page 164 and 165:
10. Noble Computer Services (pvt) L
Page 166 and 167:
Syed Maratib Ali was a well known n
Page 168 and 169:
Unlisted Companies 1. Clearance and
Page 170 and 171:
Akbar Hashwani 1. Hashwani Construc
Page 172 and 173:
Dawood Cotton Mills was set up in 1
Page 174 and 175:
5. Margalla Textile 6. Rawal Textil
Page 176 and 177:
Lakhani (Lakson) Lakhanis have grow
Page 178 and 179:
6 Husein Sugar 358 560 7 Shadman Te
Page 180 and 181:
Unlisted Companies 1. Ibrahim Agenc
Page 182 and 183:
4 B F Modaraba 16 16 5 Bawany Air 5
Page 184 and 185:
Financial Assets 5 Schon Bank 1,994
Page 186 and 187:
Mian Mohammad Ismaeel Sheikh was a
Page 188 and 189:
1 Mubarik Textiles 346 119 2 Fatima
Page 190 and 191:
1 K S B Pumps 343 385 2 Adamjee Pap
Page 192 and 193:
Independently his group has four co
Page 194 and 195:
Bibliography 1. 50 years presentati
Page 196 and 197:
63. The sick industary therapy, art
Page 198:
29. Hotelier in Pakistan looks for
show all

Who Owns Pakistan - Yimg

Create successful ePaper yourself

Delete template?

Save as template?