Nationalisation in Pakistan

rdf:langString Nationalisation in Pakistan

rdf:langString Zulfikar Ali Bhutto

rdf:langString Dr. Mubashir Hassan

rdf:langString source

rdf:langString Activity of public sector prevents the concentration of economic power in few hands and protects the small and medium entrepreneurs from the clutches of giant enterprises and vested interests

rdf:langString Banks ...which till were the private property of a group are now public property.... All our big industries in the private sector were set up largely on the basis of financial accommodation provided by the banks and the financial institutions..... Because of the previous governments obsessions with GNP growth, ... industrial power was concentrated in the hands of few robbers barons

rdf:langString The Nationalisation process in Pakistan (or historically simply regarded as the "Nationalisation in Pakistan") was a policy measure programme in the economic history of Pakistan, first introduced, promulgated and implemented by Prime Minister Zulfikar Ali Bhutto and the Pakistan Peoples Party to lay the foundation of socialist economics reforms to improve the growth of national economy of Pakistan. Since the 1950s, the country had undergone a speedy industrialisation and became an industrial paradise in Asia. But, as time progressed, the labour trade unions and labour-working class had increasingly strained relations with the industrial business oligarch class, having neglected to improve working conditions and failing to provide a healthy and safe environment for the workers in these industrial industries. The nationalisation programme began on 2 January 1972, with a vision to promote economic democracy, liberalisation, and an initial mainstream goal to put Pakistan in line with state progressivism. Ended effectively in 1977, the nationalisation programme was again put forward by Prime Minister Benazir Bhutto in 1996, and most recently by then-current Prime minister Yousaf Raza Gillani in 2012 who activated the programme to bring three major megacorporations (Steel Mills, Railways and International Airlines) under government ownership in an attempt to improve its structure and to alleviate its profitable process. Despite its success in its formative years, such policy measure programmes met with an extreme level of spontaneous demonstration and international and national opposition that left disastrous effects on Pakistan's national economy until it was replaced with the privatisation programme set forward by Prime Minister Nawaz Sharif in 1990 until the programme's final execution in 2008 by Shaukat Aziz.