TC Mar-Apr 2021 Issue

TRADE CHRONICLE
Pakistan received no compensation.
While there definitely was a case
of social, politico and economic
discrimination against East Pakistanis,
its magnitude was not as damaging as
was the perception that was created
globally; courtesy, the nexus between
the separatists and India.
To the disadvantage of Pakistan, which
was at the time being ruled by an
intoxicated junta, the Indians were able
to achieve great diplomatic successes
at the Capitol Hill, the White Hall, and
other significant world capitals, in
creating the exaggerated perception
that the action against a belligerent
political party was actually the carrying
out of some kind of `genocide`The
deployment of development resources
was always tilted in the favour of West
Pakistan.
The East Pakistanis always thought that
West Pakistan was prospering based
on the foreign exchange earnings of
East Pakistan`s exportable surpluses.
Jute purchase was disadvantageously
priced.
East Pakistanis believed that the West
Pakistanis were consuming not merely
their share of the bread, but were, in
fact, devouring the whole bread. Mujibur
Rahman is said to have stopped his
cavalcade while heading to Islamabad
to attend an All Parties Conference
(APC). He got out of the car and went
into prostration on the wide road.
Many wondered if he was praying
or was perhaps kissing the ground.
But when he got up, he said: `I was
smelling Jute! It was just a reflection
of how East Pakistan thought the West
Pakistan was progressing on the export
earnings from jute that was produced in
the eastern wing.
Match factories in the East Pakistan
were owned mostly by entrepreneurs
from the West. Following the attacks
upon their life and property by the Mukti
Bahini, who were being generously
aided by the Indians, they abandoned
their business and assets. They
took the first available flights to West
Pakistan.
An owner of two match factories and a
jute mill, known to this scribe personally,
traded his assets for air ticket for himself
and family to West Pakistan. He never
went back.
Between 1960 and 1965, the GDP
per capita was 4.4 per cent in West
Pakistan compared to a dis-mally low
2.6 per cent in East Pakistan. From
a high of almost 70 per cent of total
exports of Pakistan emanating from
East Pakistan in the mid-1960s, the
contribution declined to less than 50
per cent by the time of its separation in
1971.
East Pakistanis lamented about the
unjust distribution of the foreign aid, too.
Most were taken by Islamabad, they
argued. Towards the end of the 1960s,
there was growing realisation amongst
West Pakistani politicians and business
elite that the Bengali population,
although in the majority, was not getting
its fair share; so half-heartedly, there
was a move to pour development funds
into East Pakistan. As a gesture, Dhaka
TV was the second television station of
united Pakistan that became functional.
In 1971, besides the State Bank of
Pakistan, there were 10 West Pakistanheadquartered
banks compared to two
in based in East. The 10 banks had a
network of 920 branches, while the two
other banks had 155 branches in East
Pakistan.
The State Bank of Pakistan became
the Bangladesh Bank (Central Bank)
and the Pakistani banks were merged
without any compensation to their
owners with the local banks; some got
lumped with the existing institutions,
while others were merged into the
newly-formed ones.
The National Bank of Pakistan has today
become the Sonali Bank; the Habib
Bank is Agrani Bank, the United Bank is
Janata Bank; and the Australasia Bank
is now the Pubali Bank.
Pakistan at the time of partition was
short-changed and due to international
machinations of diabolical nature,
it suffered again when the majority
province seceded. Today`s Pakistan is
still a blessed land where people have
built factories, some within and many
without the ambit of either legality or
social acceptability.
The country saw capital concentration
and the emergence of the ill-famed 22
families during the 1960s. The industries
did provide employment opportunities,
but also became instruments of social
and labour exploitation. Consequent to
this, we have seen nationalisation and
then privatisation within three decades.
Politically speaking, we lost East
Pakistan due to ill-founded political
philosophy. In no way, Bangladesh`s
creation can ever be termed a negation
of the Two Nation Theory. Bangladesh
is an independent country; not a part of
India`s Hindutva politics.
All said and done, industries have
mushroomed, education is available,
and employment levels are decent.
There is no intent to spoil the mood of
the readers on this auspicious day by
recounting the many ills attending to
our political, legal, religious and social
setup.
There have been occasions when as a
nation we have confused the free with
the easy.
All other things in life are of the least
value against freedom, which is
precious. Freedom on a platter was
an impossibility, and Jinnah had it
for us with great faith, resolve and
determination.
Muslims, in India, just as they are
struggling today to find a voice in the
political, economic and social space,
would have been worse off, if we had no
Pakistan. And therein lies the biggest
lesson that we may learn from our own
history, taking March 23, 1940, as the
starting point. Economic independence
is what matters above every other
aspect of independence.
Today, there is a need to drive
our younger generation towards
entrepreneurship. And for this purpose,
entrepreneurship should be part
and parcel of our education system,
enabling us to grow our economy.
Independence and economic
performance are linked with each other.
Political independence is meaningless
without economic independence. It
is important to create an enabling
environment for economic activities to
flourish, strengthening its processes to
achieve economic stability and growth.
In a manner of speaking, every
individual in Corporate Pakistan is a
frontline soldier ensuring the economic
independence of the motherland. Do
we, in the corporate sector, realise this?
Courtesy (DAWN)
TRADE CHRONICLE - Mar - Apr - 2021 - Page # 11