Why did Pakistan fall behind India and Bangladesh? | Economic Reforms | Dr. Ishrat Hussain | Ep 192
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- Опубліковано 14 тра 2024
- Uzair talks to Dr. Ishrat Hussain about his new book and its key findings. We focused on Dr. Hussain’s view of why Pakistan fell behind India and Bangladesh, why policy stability matters, and things that he is watching for on the economic front.
Dr. Hussain’s latest book Development Pathways 1947-2022 is now available in Pakistan and you can order it here - www.libertybooks.com/developme...
Dr. Ishrat Husain started his career as member of Civil Service of Pakistan and then spent over two decades at the World Bank 1979-1999, where among many key positions, he became the Bank’s Chief Economist for Africa, Director Poverty and Social Department, Country Director for Central Asian Republics. He completed two terms as Governor of State Bank of Pakistan 1999-2005 and has been appointed to chair various commissions and other boards. In addition to his role as public policy practitioner in national and international arenas he has also taken active interest in scholarly pursuits. He is author of twenty four books , prominent being Governing the Ungovernable and The Economy of an Elitist state published by Oxford University Press . He has been awarded several international and national awards including the highest civilian award of Nishan e Imtiaz.
Chapters:
0:00 Introduction
4:00 India’s reform success
12:00 Role of common sense economics
18:30 The role of unconstitutional interventions
30:45 Trading with India
35:50 Bangladesh’s keys to success
42:15 Military Inc and its role
46:20 Growing the pie v. distributing wealth
50:35 Outlook for Pakistan’s economy
56:10 Reading recommendations
Reading Recommendations
- Search for Stability edited by Maleeha Lodhi
Correction: Pak didn't get independence...it was created 😂
Created by west to serve western interest.
Indian forever obsessed with Pakistan. India was also created in 1947, as British India was a separate entity. Read the British law on this.
@@fawwadshafi9555 wow premium madarsa product indeed🤓
@@sanjaybhu0542 lol. Bravo, your comeback made me speechless. U May think when one doesn’t have anything better to say, Just pass moronic comments. Go read the law now!
@@fawwadshafi9555 I didn't not meant to disrespect u ,but it was a simple logic ...was it british Pakistan anytime in history,it had been "British India" which simple mean british occupied India got independence.
Ishrat knows about a letter of Modi Which no one else knows😂
This man is an ISI clown, favouring ISFC..
exactly. i believe it was Imraan khan that stopped trade with india after the abrogation of 370.
Why would modi send a letter to nawaz sharif before being elected. who wud take it seriously??
modiji dsnt hv any intention of getting the title of the leader who normalized the relationship betn indi and pak.
people are extremely pleased with his "no talk" policy with Pak. nobody wants normalization
Hindus cannot be trusted, Sikhs should also not trust hindus
This man did an interview with Dr Shakil Chaudary sometime ago. And most of the commenters were appalled with the "scholarship" of Ishrat Hussain. Most of them said - " are these the intellectuals of your country?". Later Ishrat was embarrassed and wanted the interview to be deleted. But Shakil Chaudary refused to. Feel free to check it.
@@PanakaluPoonakamthere is no interview.....it was an ex ambassador
Exactly....he is activly supporting congress and de-crditng Modi of his ue achievements!! Heis more a political commentator then economists likeRaghuRamRajan!!😊 The podcast is jute before elections in Bharat??
Please NO trade with Pakistan!! We will handle our economic crisis ourselves...
What will you trade 😂😂😂 with India? IT = international terrorism.
Inshallah
Mashallah
Thank you. Now please convince your power centers that they should NOT trade with India. Not trading with Pakistan has brought us great progress. Why should we get a sick economy to hang on us
Then raise a petition to ban trade with Pakistan.
Assuming India is ready for talks without the terrorism condition, what about the Pak condition that ‘No talks till India rolls back 370’ which India never will.
Just wait and watch if the opposition gets back in power. They literally have it in their polls platform to reestablish 370.
As Form 47 PM of Pakistan said,
Beggars cant be Choosers
Further, trade was ongoing till the repeal of Section 370 when it was stopped unilaterally by Pakistan. And how/why was Nawaz Sharif so naive as to receive one text from Modi and stop his own policies from going forward?
000😊
Pakistan enjoyed MFN for 25 years & didnt gave same status to India.
Pakistan stopped trade completely.
But hey, India is responsible for not initiating trade with Pak.
Is Dr. Ishrat Hussain really an economist ?As per today INDIA per capita is higher than Bangladesh.And has always been .India was behind for few months in COVID.
Q
Don't be a snowflake.
Snowflake..
Last World Bank data 2022 shows bangladesh higher and IMF 2023 shows india higher.
It very close hence debatable.
@@akshayrathore2882 only debatable if you don't follow the economies closely and don't know that bdesh had a devaluation
Pakistan support khalistan and now they support indian punjab economy😂😂😂
Consistency that Pakistan has had is:
- Anti-Hindu and Anti-India policy
- Allowing huge amounts of the foreign exchange to be out of country by the rich and powerful
- Conversation of prime agricultural land into housing colonies now showing in the agri output
- Stonewalling any reform’s in agriculture, tax
- Most important Islamisation of education and politics
Correctly put
Nope, they are not against Nepal, so not anti-Hindu, may be anti-brahmavadi. Anti-India: it was Nehru who declared Pakistan an enemy state in 1955 as Pakistan opposed India gifting Tibet to China and wanted to support and fight with India against China. Read some history.
@@vinsin328Nepal is not on the radar of most country. So dont make lame excuses. Pakistans foundation principle is Hindu hatred. Secondly, How can India gift Tibet to China..🤣, it was never part of India. ..Pakistan wanted to join India and fight China, What do you smoke, or did you mean Fight alongside Tibet against India and China, I mean seriously kaunsa sasta nashe karte ho. As for Nehru, 🤣, 1947-48 war started by Pak army, so Nehru is supposed to consider Pakistan a friend in 1955? God, i cant believe we are the same people. Clearly 75 yrs has altered DNA looking at the intellect gap.
I've been reading Dr Ishrat Hussain for years now, but I strongly disagree with him when he puts the entire onus of the mutual trade conundrum on Bharat, and justifies Pakistani position unreservedly making absolutely wrong and fictitious statements. I'm quite disappointed in Dr Ishrat Hussain today, and my regard for him has disappeared today
I totally agree. Pakistanis irrespective of their background have a strong negative bias towards India. Nonetheless, it doesn't matter.
It's your mistake that you believed a Pakistani 😂😂😂😂😂😂
In Indian punjab there is no economic crisis, opening trade will shoot prices of vegetables in Punjab, what we can from Pakistan except cement and raw salt
we don't need cement and raw salt
Also, Pakistanis pretending to care about Indian Punjab and think they can fix Punjab economy. Bro, IMF se bheek mangke Punjab ko fix karoge?
Pakistani elite grasp on statistics is so weak. check India workforce participation in PLFS 22-23 and flfpr is already 37 percent - almost caught up to Bdesh. it was 23 percent in 17-18. similarly chaachu is happy thinking Indian gdp per Capita is lower than bdesh whereas that was just a one off due to covid lockdown and bdesh has had to do a currency devaluation since then. 2.85 vs 2.65k in 2024. consumption GINI has already gone down in past decade so rising inequality argument is also complete bunk. Extreme poverty eradicated. Ambani Adani are cronies but India has 100+ startup unicorns as well which had nothing to do with the government. And adani is redeveloping dharavi and ambani has made us digitally competitive. Things are not perfect but the stars are genuinely starting to align
By the time they update their narrative on India, India will have already changed. By the time they start building TAPI we will have already moved to renewables, EVs and green hydrogen.
Abhi tak apni country ko secular kar nahin sake par daily decline of secularism in India pe randi rona
somehow these guys memorize negative snippets of news about India instantly but positive changes don't seem to register even after 5 years
@@AKumar-co7oe Exactly!! No wonder, they have to keep asking the question in the title.
Bangladeshi statistics are cooked up. They don’t even-publish it regularly and their per capita consumption of steel ,power etc is low which all indicates low level of industrialisation.
@@AKumar-co7oe we still have a long way to go out woman participation is too low.. than what we should have
@@rohand04 dude, u cannot force women to work. if they r happy as housewives and dnt wanna slave away for some boss who r u to decide for them???
ppl like u think indian woman dnt hv agency over her decisions.
The more i heard this man, he sounded ordinary. Even his stastical metrics are not up to date. Female labour participation in india is 32% & mot 23% as this economist says .
37 percent is plfs 22-23
It's 37%
His grasp of numbers is weak, maybe just remembers old data.
I think north south divide is lazy analysis. It's a social divide which informs politics but not economics.
For start, same crony capitalist invest in huge in southern states. Maharashtra and gujrat have higher gdp per capita and lower income inequality than andrapradesh. These two states are also considered by political commentators to be infected worse with crony capitalism.
Problem of low income northern state is feudalism not capitalism.
Uzair, your analysis have been on the tee. But this one with Ishrat Husain was off the tee in totality. There is no comparison between India Bangladesh and Pakistan if you want to compare, compare with Nepal. Pakistan is not going anywhere. Given idiots like Ishrat and Aurangzeb given the ball, they don’t even know the first thing about balling aka economy. Old school needs to throw out of the window and people like yourselves need to take hold
Wow all the Pakistani 'experts' start with their prejudices and then find arguments to confirm their prejudices.
Don't miss the accent
Mahindra and Mahindra was started before 1947 as Mahindra and Mohammad. The second business partner Mohammad migrated to Pakistan. Now he dodnt continue his business journey but Mahindra did. This what made the difference. Ambani also started as a textile manufacturer. Not ready-made but yarn and polyster. Now see where they are and where are same yarn Pak buisnessmen. You need business men who take risks and put their fortune on platter. For that you need billionaires. Without Medici family funding there wouldn't have been a Leonardo Da Vinci. Same for Rockefeller and others. Thats the truth.
The Mohammed was Ghulam Mohammed who was the first finance minister of Pakistan.
33:49 and if everyday my people ND soldiers die bcz of ur state sponsored terrorists do u think will turn blind eye Who will answer the families of those people.
First stop sponsoring terrorists rest we don't care....we r happy with our people
As per the new PLFs & NHFS survey 2023, female labor participation is 37%. Also, percapita of India is more than $2700 higher than bangladesh. Bangladesh barely has $30bn in reserves as they keep taka overvalued. India has $650bn reserve. Even if India uses half of this reserve to increase the rupee rate, percapita of India can easily cross $3000
BD reserves have dropped to $25 billion.
Kind of disagree with Dr. Ishrat. 80s was the worst period for India in economic terms and I think the pie has grown bigger than that. What we see now in India is a w.i.p. where the govt is developing infra/conditions where individuals can get a start. Second is India to Pak/Bangladesh apple to apple comparison? And does Bangladesh have anything other than textile (which they have done well -yes). Wait and watch!
Indeed, in a couple of years Bangladesh will be rich enough to not get preferential treatment from EU for textiles. They have to diversify.
Who is this Dr in dark? South India has mostly IT dependent economy which deploys less people compared to manufacturing based states like Gujarat which employs more people..
Yes. He is incorrect on north south economic divide.
Gujrat and maharashtra has lower income inequality compared to some southern states.
Although it's not correct than South is IT dependent.
TN is big manufacturing hub
Bangalore is the only city dependent completely on IT and tech startups. Chennai is more into automobile and manufacturing. Hyderabad is big on pharma.
You are not fully correct. TN and Karnataka are manufacturing hubs too. I agree it's not north south as much as east west. Even eastern southern state like AP is poor
I don't get one thing - in every video of pk yt/channels any question on Economy begin with - COMPARISON WITH INDIA ND NOW BANGLADESH ??2nd- Pk economy will grow once it's trade start with India -Indirectly ,they r trying to convey pk is having economic problems becoz of India .I mean where is the logic behind this?? I FIND IT MORE AS AN EXCUSE WHICH CAN BE USED AS A FLAVOUR OF THE SEASON.
When they have china in their pocket, which is a larger economy than india, why do they even need India?
@@mylord3003And what exactly will they trade with china? With India atleast they can sell their salt and some household items. China does not need them and has cheaper suppliers nearby. Its not like in monopoly you like a place and you buy. 😂. Pak is NOWHERE in any of the the top 20 matrices when it comes to food, dairy, industrial produce, engg products,... Nothing. They had some precision tools in sialkot that packed up. Textiles is underwater. 😂😂. Nothing but hungry, poorly trained, mostly illiterate rabbits running around.
Uzair bhai, your understanding of history and economics is much more than these so called experts. Akeley hi aa Jaya Karo. Kafi Ho.
33:53 Isn't it true that Pakistan does have terrorism industry ? 🤔 With China trade is ON coz there are not the INVOLVEMENT OF NON-STATE ACTORS.
34:27 "Pakistan being located BETWEEN INDIA and CHINA ? 🤔 Did NEPAL and PAKISTAN SWAPPED there GEOGRAPHICAL LOCATIONS ?
did this guy really said indian economy is now creating wealth inequality? check gini coefficient of ours, it is better than before. what a clown this dr is
I don't agree to his argument on Indian billion Aires and inequality. All this looks good on paper. But in reality you need rich people to invest in risky and long gestation projects. Leave fiscal issues, tax policy etc for the academics. India also doesn't have tax on agriculture On the ground, the major difference is IMO. Indian businessmen are taking risks since 1990s, while Pak businessmen are not. In 90s invested in IT, then automotive, then construction, then electronics, space, ports, and manufacturing. No foreign EV maker or IPhone maker will expand if domestic companies don't show guts. For this you need extremely rich people like Musk, Bezos etc.
Plus many of the unicorns with a billion dollar market cap are first generation entrepreneurs which speaks to the growing upward mobility in India.
Topics cannot be singled out.
If there is talk on trade, then there must also be talk on the other issues like terrorism, SAARC, South Asian order etc.
It's time for Pakistan to decide how it want it's future to be.
There must not be trade by the day and hostility by night.
We have already seen this cycle before. Whenever Pakistan is in trouble it always does sweet-talking, the moment it gain some stability it will do a war or big terror activity in India.
yes. they throw rhetorics like flight betn ahmd and karachi is shorter than karachi and islamabad which dsnt mean anything.
Hussain ji has been a very close man of Army. So remained in power for such a long time.
The problem with our country becomes very evident from the fact that when we have reformists like Ishrat saab who failed miserably to authorize & implement a single economic reform, spending decades at the helm of affairs, is now again showing “Truck ki Batti”. His understanding of today’s Indian economy growth is as rudimentary as his book “Governing the ungovernable”.
As an Indian , what I feel is there are many problems in Indian economy but all that seems nothing when we compare it with Pakistan.
Its embarassing on Uzairs part to bring on this clown. Even Shehzad was able to clown this guys talkinng points on his channel and he is just a lay man on economics.
Poor man, turned into a voice in silhouette - shade out the curtains
Mashallah very intriguing conversation with ishrat Hussain. I respect Ishrat’s views and appreciate Uzair for bringing different voices but Mazrat ke sath he is not the voice of any success but rather of the one who after serving decades in governments has become an icon of abject failure to do any single reform he has been preaching.
He can probably eight dozen more books on reforms which may have some academic value but nothing to do with implementation and ground reality. Last but not least, his facts about India are as dubious as the numbers he so upped up in his book. Can he answer just one question? - Why had he failed to talk about poverty alleviation in India and rising per capita income vetted by credible international institutions. He still believes India is poor and poverty ridden as 2-3 decades from now. He should go visit India and then walk the talk.
With Love & Respect to Uzair Younis from London Ontario.
Pakistan Paindabad.
There is no Economic Crisis in Indian Punjab. Yes there's a High Debt Issue for the State.
It's just that the Politicians in Indian Punjab have taken More than Required Loans at Very High Interest Rates.
Its got Nothing to do with Pakistan
Talks and terrorism cannot go hand-in-hand. You want trade, stop terrorism.
One reason for Pakistan,s condition as of today is Pakistan had too many of Ishrat Hussain’s.
Pakistan enjoy playing 24x7 Adalat-adalat, ghadichor-ghadichor , election-election. where is time for trivial issues like economy? For that ..KASHKOL ZINDABAD
It's better that we grow at over 6 percent without trade with Bhikaristan than growing at 8 percent with them.. As 60 industries are controlled by army of Bhikaristan the benefit of trade will go to them and increase in Anti Bharat and TERRORISM activities here .😢
We are growing at 8% without trade with them.
I find the claim by the host that Modi sent a message in 2014 before the elections to Nawaz Sharif hard to believe. And even more unbelievable is that Nawaz Sharif agreed! In 2014 not many thoought the BJP would win outright majority. No opinion polls predicted it. Nawaz Sharif is not fit to be a PM if he postponed a decision benificial to his country because a politician from India asked him not to.
And Uzair , should you not ask how India is involved in Pakistan granting MFN status to India? You guys think we are idiots!
The trade between India and Pakistan was stopped by Pakistan after Aug 5 ,2019. That decision is here to stay. So its goodbye for trade between India and Pakistan
Per capita income of bangladesh is higher than india during only covid time. Check latest figures.
34:10 I have always found it funny when people refer to Modi's third term as his last term.
P.S: I had always found it funny when Uzair used to talk about 75 years as a retirement age in BJP.
Well BJP did say that was the retirement age when it sidelined Murli Manohar Joshi and Advani in 2014 to Margdarshak Mandal.
@@gauravipal5691 It's not even part of their constitution. For people to believe what politicians "say" wouldn't be very smart.
And even then there is nothing that is stopping Modi to contest 2029. All signs tell me that it's highly likely that he will contest 2029.
@@arunsar7893 As long as his health permits (and given his disciplined life it probably will), I would be very happy if he completed a 4th term. You need a long term to transform a country be it Deng Xiaoping or Lee Kuan Chew or Mahathir Mohammed.
@@gauravipal5691 True. And what people fail to realise is that no country developed very fast while being a "liberal" democracy. If it was a democracy it was dominated by one person like the examples you gave, Lee Kuan Yew or Mahathir Mohammad. Or they were not democracy at all like China, Vietnam or South Korea and Taiwan. Democracy came to South Korea and Taiwan only after the slowdown of growth.
The way things are in politics and given how tickets have been distributed this time it tells me that Modi is preparing for a fourth term.
@33:34 Actually India had given MFN status Pakistan in 1996. Pakistan was supposed to give India MFN status in 2012 December in lieu of India lifting its objection to Pakistan getting GSP+ status. This was during PPP government. But they backed out. Then PMLN restarted talks to grant MFN status to India. Even though India had already given them MFN status, Manmohan Singh government was giving them additional incentives in lieu of Pakistan giving MFN status to India. When the Indian secretary trade reached Pakistan in April 2014, Pakistan backed down saying that we will negotiate with the new government. Manmohan was highly disappointed. Modi government was unwilling to give any additional incentives to Pakistan for trade considering India had already given MFN status to Pakistan. But they did not stop existing trade or withdraw MFN status until Feb 2019 when Pulwama happened.
All of this is available in public domain. Ishrat thinks that Indians have as poor memories as Pakistan.
What a disappointing lack of nuance. Simplistic explanation of an over simplified empirical analysis, despite Uzairs best efforts to get Dr. Ishrat to look deeper. Continuity of bad policy isn't good in itself. The lack of data and qualified human resource, Dr. Ishrat included - is a major issue that leads to outrageous, perception based interventions
Uzair you are quite smart.what kind of an illiterate economist is he? Is this the quality of academics in pakistan. No wonder pakistan is in such condition.
PS: majority of Indians don't want trade with Pakistan because we don't want to enrich the extremists. I'm not saying all are extremist but significant population is. So trade might benefit people like you but it will also benefit people like hafiz saeed. The trade benefit is not worth it. And we have seen the relative benefits of not trading with pakistan.
In any case, the trade was stopped by Imran Khan. Their condition for restarting trade is reinstating article 370. Not happening.
@46:27 Some info is flawed and some is outdated.
1. The latest consumption Gini shows that inequality is reducing. The methodology flaws in articles by this rooke like Piketty writing about India have been widely documented.
2. Indian economy post 3 rounds of reforms 1991-96 by Narsimha Rao, 1998-2004 by Vajpayee and 2014 onwards by Modi is hardly one that can be described as focused on elites while ignoring the poor. 250 million people have been pulled out of multidimensional poverty in the last decade.
3. Average growth in India in the past 33 years is 6.5%. If that isn’t sustainable, then what is Ishrat’s definition of growth? If Pakistan grows for even 2 years in a row over 5% (while not under some American rentier program), then its current account blows up and it is on IMF’s door.
4. It is not just the rich who benefit from growth of corporates. The number of retail accounts on Indian depository investing in the stock market has increased 4 fold from 40 million to 160 million. In comparison, only 0.25 million households invest in Pak stock market.
5. 100 unicorns established by 1st generation entrepreneurs which shows upward mobility. It is also not what you would expect in an economy riven by chrony capitalists. Congress accuses Modi of chrony capitalism talking about Adani/Ambani conveniently omitting that they became multi billionaires under congress regime. Definitely, pre-1991 India with its license raj was designed for chrony capitalism - but today’s India? No way.
5. People desiring government naukri certainly have slim pickings with government withdrawing from many sectors of the economy and reduced government controls plus leveraging of technology. The textile manufacturers of Tirupur are experiencing severe labor shortage. Further the goal of the government is to ensure rozgaar (income) not naukri (jobs). Look at how many MUDRA loans have been given to MSMEs to start or expand their business. An extremely low percentage is non-performing. If people are servicing their loans, can you really say they have no income?
6. Uzair you yourself have visited Gujarat and Maharashtra which would be considered north by the Professors definition. Do you agree with Ishrat’s assessment about poor standard of living of people in the north? Gujarat, Maharashtra, Punjab, Hariyana and western UP are prosperous. If there is an economic divide it is between eastern and western parts of India but that is rapidly being brought down. The north south divide is mainly political in nature.
India never stopped trade with Pakistan. Pakistan did it after article 370 was abrogated.
And regarding women's participation labour force in India, it has been seen that as women get more educated in India, they drop out of labour force. It is surprising to even the economists as to why this is happening.
India also had 6 PM in the 1990s
1. VP Singh
2. Chandrashekhar
3. Narsimha Rao
4. IK Gujral
5. Deve Gowda
6. Vajpayee.
Request you to give a patient or speed read.
Correction: Bangladesh's Per Capita Income is NOT higher than that of India. India's as of 2024 is ~2800 whereas Bangladesh's is around ~2600.
Also, this 'South' is more developed but others are behind is at best imaginary. Southern states or at least Kerala and Tamil Nadu got basic education and healthcare right. Only Tamil Nadu got industrialization right. Karnataka (Bangalore) and Andhra (Hyderabad) only got IT services right. It's only with Modi now that there's a conscious effort to grow manufacturing. South is also coast. Andhra now also has pharma. Bangalore is growing all kinds of manufacturing NOW. South IS AS crony capitalist as other regions but the thing is there are no big conglomerates with HQs based in the South except for IT services. All big factories in the South have corporate HQs in Bombay or Delhi NCR. Also, Southern entrepreneurs consider stock market as taboo given they don't raise much money through capital markets. Few entrepreneurs (as a percent of total labor market) as opposed to the West. West is the king.
One more thing 'West' is as developed or more developed (including Maharashtra which has Mumbai & Pune, and Gujarat which has Ahmedabad & Surat). Again, India is a huge country but poor so capital is scarce and not cheap so govt has to lead capitalism by appointing national champions as a segue given bottom up growth is shackled due to opposition for factor market reforms (land, labor). And then allow the wealth trickle down through redistribution and improving logistics in places which are not doing well economically.
India's UP is gearing up for massive industrialization and it's logistics is falling in place. Other places like Odisha are coming up which have access to minerals. The only real basket cases are Bihar, Punjab and Kerala (favorite state in South India). In reality, it's not even the Southern states but a handful of metropolitan cities - Mumbai, Delhi, Kolkata, Bangalore, Chennai, Hyderabad, Ahmedabad, Pune & Surat that backstop the country. Modi is trying to bring Lucknow, Indore and Guwahati to the mix.
Modi is hoping that all the geopolitical lobbying will result in massive industrialization and with logistics taking shape, the previously impoverished regions in the EAST (not North) develop and converge. UP does not seem industrializing that rapidly for now, but it's building blocks are falling in place.
🫡 Well written and fantastic points. But its too much for these numbskulls anyways. 😂.
Your brother from south.
I think the South has a lot of potential due to coastal access and has been underutilized. Yeah, the north-south divide is overblown. However, South is more progressive in terms of social indicators and this needs to percolate to “the north”. By this, I mean UP, Bihar, Rajasthan, Haryana etc. where the status of women and treatment of religious and caste minorities has to improve. Most sensible people see that as a precondition to real development and I tend to agree. Any lay person who’s lived in both areas will agree. Maharashtra(not Gujarat) is better in this respect. Raising capital is good, but Indian development is also hamstrung (similarly to Pakistan and Bangladesh) by these reforms.
Since this discussion is about the economy of Pakistan, I think suppressing the rise of fundamentalist social policies and investing in health and education instead of the military would be a good step forward. Pakistan doesn’t need 5th generation fighter jets to counter India, as India will never initiate that war. Over a long period of time, hopefully you can convince other countries to invest and trade with you without them fearing a risk to their capital.
Ishrat sahab koi sahi level ka youthia nikla… pardon my French.
😅😅😅😅
If GDP of Bangladesh is more than India than why don't they go back
Good dialog until the last few minutes where the guest started criticizing india. Why do people think they know India and its economy from reading leftist Bengali authors I wonder. Anyways Uzair keep it up.
indian punjab issue has nothing to do with pakistan,
Mr. Modi will b in history of India permanently if he parmanently paralyse Pakistan…if he try to give any space to Pakistan then he will b forgotten…now let’s c what Modi does and who’s expectation he cares about, India’s or Pakistan’s…
India and Bangladesh Invested in human capital. Strengthened restraints on power.
Substandard economist…MFN status revoked by India only in 2019. What you have been doing for 23 years since India granted pakistan MFN status in 1996? Such is the state of Pakistani intellectuals.
Pakistan's terrorism infrastructure is a reality Mr. Hussain. Unless and until Pakistan becomes civil and refrains from misconduct, there is no chance of any trade or normalization of bilateral ties. Hypocrisy won't work Mr. Younus. Pakistan's needs are not India's.
As an Indian born in 1969 who has witnessed the political landscape evolve since the late 1980s, my allegiance has shifted over time. Initially a staunch supporter of the BJP during the late 1980s and early 2000s, particularly admiring leaders like Atal Bihari Vajpayee, my perspective has broadened since then.
Acknowledging the contributions of both the Congress and BJP is essential. India's progress has been a cumulative effort, spanning decades and various political administrations. From the visionary initiatives of leaders like Nehru and Dr. Bidhan Chandra Roy in establishing institutions like IITs and fostering heavy industries, to Lal Bahadur Shastri's leadership during the Green Revolution and the 1965 war, each era has played a pivotal role in shaping India's trajectory.
Indira Gandhi's tenure witnessed significant milestones such as India's victory in the 1971 war and the successful nuclear test at Pokhran. The introduction of technology and mass-market vehicles like the Maruti 800 under Rajiv Gandhi's leadership marked crucial strides towards modernization.
It's undeniable that Prime Minister Modi's tenure benefits from the foundation laid by his predecessors. However, attributing India's progress solely to one individual overlooks the collective efforts of past leaders and the resilience of the Indian people.
While I currently choose to advocate for the NOTA option,
My admiration for past leaders remains intact.
Mr. Ishrat H may be good Economist and great Author but he is greatest Conspiracy theorists as most Pakistani's are.
32:40 he talks about MFN Status, that Pakistan was ready to give MFN Status in Feb 2014 but because of Mr. Modi's Msg to Nawaz Sharif they postponed it, then who stoped Pakistan to give MFN to India when Modi invited NS on his oath taking as PM in 2014 and onwards.
FYI India gave MFN Status to Pakistan in 1996 but Pakistan never reciprocated, interestingly Pakistan gave MFN Status to all SAARC Countries except India.
I don't get Why Pakistan is Obssessed With Managing the Currency
You Pakistanis should be Devaluing your currency, rather than trying to keep it strong.
*Correction:
India's per capita income is more than that of Bangladesh
(Only during COVID for some time it went up, now it's below India)*
India North South is a canard 😂 nice try. East Asia also has chaebols and national champions which can be called crony capitalism 😂
If one has to give one advice it is ‘De-Islamisation’ That is what MBS and MBZ are doing.
First and foremost make Pakistan a Secular country. You are what you think. Remove Islam from the public mind and replace it with a live for every one
I think security is the major reason for less investment except China...
You need to incentivise keeping disadvantaged sections in school. India does the world’s biggest mid day meal scheme and it helps drive our mission for fully literacy.
It's pity that such an enlightening discussion will not be followed/ understood by 90,% of Pakistani masses due to language barrier....
44:56 Don’t agree at all. FFC for example get gas at 1/3rd the rate other fertilizers get gas at.
And then ffc gets to run on inefficient procedures and manufacturing process, because discounted gas gives them the room to be incompetent.
Dr Ishrat has been incharge of economy in past govts. Where was he then.What is he talking now!
Bro can you reveal your Pakistani viewership?? I couldn't see a single Pakistani comment..
Talking of India’s crony capitalism, what about America? Aren’t companies like Boeing, Coke, Pfizer, etc close to the Capitol?
Thanks a lot for this podcast.....it's a must watch for all
What are prospects of trade and peace when Pakistan PM and Foreign Minister calls Indian PM fascist and murderer with no regards to diplomacy and only thinking of vote banks in Pakistan. The Pak foreign ministry spokespeople give daily commentary on Indian internal affairs and use the worst sort of language. You guys blame India for trade but never take steps to de-escalate the tensions.
Plus Imran Khan stopped trade not India. For 23 years they never reciprocated the MFN status that India gave them.
Learned Pakistanis have a habit of understating positive statistics about India. Dr. Hussain is no different. Nonetheless, it doesn't matter.
Excellent podcast .. so much hope is still left .. case of HBL, MCB are practical examples of privatisation bringing a turn around
33:35 absolute horse sh!t.
Modi travelled to Pakistan TWICE after he became PM and met Nawaz Sharif. He risked his corevotbank for peace with Pakistan.
By the way, India had Pakistan certified with MFN status still Feb 2019 and it was Pakistan who hasnt reciprocated.
Profanity with which the Pakistani "experts" LIE in front of the world is astounding.
Gen Musharraf retired a Billionaire.
Gen Kiyaani retired a Billionaire.
Gen Raheel retired a Billionaire.
Gen Bajwa retired a Billionaire.
Is General Asim Muneers only going to retire when he is a Billionaire?
Name 1 Indian General who Retired a Billionaire?
Name 1 American General who Retired a Billionaire?
Name 1 British General who Retired a Billionaire?
Where do these Billions come from in a Bankrupt country like Pakistan?
Are these Monies stolen from the Loans given by IMF, / Arab Countries?
Did he just say that it is ok that military is having there enterprise in every product?
No political party would be foolish to sign any trade deal with Pakistan regardless of purported "benefits". BJP will not have enough political capital to do so. And TBH, public opinion is against any relation with Pakistan - trade, sports, cultural, VISA or anything.
Keep your millitary away from your politics, you will bound to prosper... its that simple.
Respectfully I’d like to disagree with you Sir. After 2014 election PM Modi invited Nawaz Sharif for swearing in ceremony, later went to Pakistan in 2015 to attend some function at his place. After that what happened? Series of terrorist attacks originating from Pakistan. Still trade was going on till August 2019 than who stopped it not India for sure but than PM Imran Niazi which I feel you purposely didn’t mention. Who do Pakistanis think they are? Suddenly one fine day you people start talking of trade and people to people contact and on the other hand indulge in terrorist activities on Indian soil. Like many other millions of my fellow Indians even I feel strongly that there should be no trade or any ties with Pakistan. All this has been tried for 70 years but never worked, no positive outcome. In fact we’ve always been backstabbed by your Army, ISI & government. You do your own thing and we’ll slowly but surely improve things at our end even further. Just stop exporting terrorism and behave like a normal civilised country.
there will be and shall be no normalization of relations bw india and pakistan because it would raise a question on the partition itself
Make Ishrat indias Finance minister , he knows more about indian finance than Sitaraman.
Why not trade with chine?
Import chinese vegitable...
Uzair, economists are famous for seeing both sides of the question. Can you name one single economic reason why India should trade with Pakistan? You stopped trade and India didnt do too shabbily without any transactions with you. And you are a far better economist than this charlatan, stop pandering to lower intellect experts if you really wish pAKSITAN well
Northern states like of harayana Delhi Punjab Himachal pardesh uttarakhand Sikkim Rajasthan are similar to that of South States add the West UP in that too... only bihar East UP West Bengal and jharkhand are lagging behind that too are changing very fast....also these lagging states have very large size of population!!
On one hand Pakistani experts argue about staring govt etc, but is is it not ironic that whatever govt come in power, it's always army who is in control - that can ensure more consistent policies and can even take difficult decision, as they don't have fear of losing political capital ? Nawaz today, zardari tomorrow, Imran day after and fazlu after that - but army always calling shots, and in control of policies!!
Hence, is it not that the leaders of Pak, political or army, always lacked vision and drive for success?
Inequality is increasing everywhere not just In India . It has been increasing since human kind started getting civilised. It’s not new.
Actually as per consumption GINI index, the inequality in India is reducing.
Why did Pakistan fall behind India and Bangladesh?
Because Indian Generals are shining their own Boots,....While Pakistani Generals Boots are shine by the CHOReef and Bhutto Families.
All faff talk. Pakistan will prosper if she just realizes 2 basic truths
1) Acceptance of indigenous culture and history
2) India won't attack until provoked
When Allah has to do everything then why are you curious about the economy
Bhai ham pakistani pe meharbani kren urdu me program kren ye kis k liye program ho raha hai india k aise program unki hindi me hote hen ap agr english views lene b hen to subtitle me daal den. Hamare logon ko kese faida hoga. Dekha hai wese ap ne k kitne percentage pakistanio k itni english aati hai?
Fauji foundation left the chat , narcotics parallel economy left the chat 😂😂
West Pakistan population at the time of independence was 33 million and now its 250 million.
Whereas Indian population at independence was 330 million and now is 1450 million.
Now you can do the math.
Maybe not on purpose but what about the wealth generation by the innumerable housing societies and cantts by these men in uniform?
Whatever principles and analysis he has done goes against SIFC and the new government yet he still supports both of those....why? Just because of the FM?
Why bangladesh overcame Pakistan very shameful we should be no 1 soon atleast overcoming Bangladesh first remove all terror groups from Pakistan and make sure everyone is adhering to Islamic traditions specially dressing
I was just missing you the other day.
This guy is full of crap ! Seems an apologist for the Pakistani Army.
Uzair Unis, please change your thumbnail, its pretty boring, everybody knows why Pakistan fell behind, none would like to spend 48 minutes of his precious time.
Then why they didn't proceed for MFN after 2014. This battery is telling new stories of MFN status, which are nothing but his hallucinations. 😂😂
👏
Here mostly comments came from indian side. I don't seen any pakistani here they are not interested in topics like economy
Even the host lives in 🇺🇸
Ok Sir, while you are right that 80% of employment in India is in unorganised sector, the way you narrate it that thats hawkers, rediwala and thelewala, is not very accurate. We know that India is agrarian country, 45% of its workforce is in framing, which is unorganised sector - thats included in the 80% number you are saying. The second largest unorganised sector is daily wedgers like construction and transport. etc.
Also, in later part while describing Pakistan economy, you concern is that some of these sectors are out of tax net, while speaking for India, your concern is 12M people are jobless - which again contradicts when you acknowledge that a very large population is in farming.
Again, I'm not trying to contradict you, or trying to draw a rosy picture when it is not. But to say 80% employment comes from selling Samosa and Bhelpuri on streets is bit inaccurate. Also, it has a long historical trend with India's economy which we always fail to analyse.
Of course, India should - with its larger digitization in governance, should get a better hold of this unorganised sector, in order to bring improvement to these classes and also to plan economical growth efficiently.
But, Please note, unemployment in India is consistent 7-8% (which should reduce), so it purely jobless growth (while population has increased to 1.4B) is quite a sweeping statement.
I'm absolutely not learned as the experts in the panel, but when they pick punch lines like 80% of employment in information sector like thelewala, 1-3 youth is unemployed, 83% of unemployed are youth (i.e 83% of that 7% who are unemployed - but they dont clarify this) etc are quite sweeping statement, extrapolates the negativity than what it is.
Pakistan needs clear, consistent completely Islamic policies to become the great Fort of Islam again. ❤