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The Process of Industrialization in Pakistan II- 1977-2004

SHAHZAIN NAQVI

Industrial policy
Asad Sayeed believed 1977-1988 is the only period when industrial policy was formulated and executed. Institute of Developing Economies: 1977-1981- dismantle existing government policies and restoring confidence in the private sector. 1982-1985-Islamization 1985-1988- disengage the government from direct control of the economy.

Similarity between Field Marshal Ayub khan and General Zia-ul-Haq: private sector was given great importance . Denationalization of agro-based industries Incentives were given to private sector like tax holidays.

Interest rate was reduced.


Ease economic controls and regulations including : procedures for the sanctioning of private sector investment.

The Public/Private Sector divide


Some industries were nationalized (basic goods) but not all. Private investors were not willing to takeover until and unless surplus workers were fired and the companies had big losses. Zia believed to provide political patronage and favor, the financial sector industries should not be denationalized.

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