KARACHI:
India and Pakistan started their journeys together after independence from colonial rule in 1947. However, the former ranks amongst the world’s top-performing economies while the latter is struggling to survive under a severe economic crunch. India’s spectacular economic growth offers lessons on how political stability, singular focus across the political divide and political will can deliver huge dividends. The abysmally low economic performance in Pakistan calls for some soul-searching to set the house in order.
Since 1947, Pakistan has constantly experienced political instability. The seeds of chaos were sown in the first decade of independence when the country couldn’t formulate a unified constitution, which could govern the nascent country. This led to the worst form of political turmoil resulting in the dismissal of governments every other year. Political chaos led to inconsistent economic policies pursued by different governments that make short-term policies to win the next election. An unstable political system coupled with the failure to craft and follow harmonious policies has led to an economic mess.
India’s economic model on the other hand is completely different. The country’s political forces signed the Charter of Economy in 1991, introduced aggressive reforms and committed to following them irrespective of who is in power. Since its inception, India has seen a smooth transition of power resulting in the political stability necessary for economic growth. The outcome is evident in India’s global GDP ranking. India also dealt with security threats by strongly implementing law and order, which helped attract foreign investment. Therefore, Pakistan requires a complete overhaul of its political and governing structure if it wants to witness any economic growth.
Asad Aziz
Khushab
Published in The Express Tribune, April 20th, 2023.
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