Economic Problems during early days of 1947
Economic Problem
• Pakistan was made up areas there were mostly underdeveloped• It had little industry and infrastructure
• Karachi was the only modern port with substantial trading and business activity
• 90% of population lived in rural areas
• There were only 8 cities which had population more than 100,000
• These major cities included Karachi, Lahore, Dhaka, Rawalpindi, Multan, Sialkot and Peshawar
• Pakistan was not a wealthy country
• Pakistan’s major industry and agriculture did not produce surplus, with exception of Jute
• East Pakistan produced 70% of world’s jute
• Export of jute became a major source of earning valuable foreign exchange
• Alarmingly, Pakistan had not a single jute mill. All mills were in areas which were given to India
• Economic situation can well be explained by the following table of Percentage of economic assets in Pakistan after partition
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