Who is Responsible for Pakistan’s Economic Deterioration and the Decline in the Value of its Currency? Altaf Hussain
|
|
Posted on: 4/18/2025
|
Who is Responsible for Pakistan’s Economic Deterioration and the Decline in the Value of its Currency? Altaf Hussain
#Pakistan
Countries around the world are categorized into three groups. The first group consists of developed nations. The second includes those that are neither rich nor poor they are self-reliant and prosperous. The third group includes developing countries, where poverty and unemployment are prevalent, law and order are fragile, per capita income is low, and the currency holds little value. The strength and value of a country’s currency depend on how much capital is held in its reserves and that, in turn, is measured by how much gold it possesses.
Let us compare Pakistan’s economic condition and the value of its currency with #India, #Bangladesh, and #Afghanistan. At the time of Pakistan’s creation in 1947, one Pakistani rupee was equal to two Indian rupees. Today, one Pakistani rupee is worth only 31 Indian paise. Instead of acknowledging this reality, we continue to hurl abuses at India — but insulting India will not diminish the strength of its currency compared to ours. We need to observe that, despite having a larger population, India has significantly less corruption than Pakistan.
Similarly, if we compare Pakistan’s currency with that of Afghanistan, we find that one Afghan afghani equals 3 rupees and 92 paise of Pakistan. Bangladesh which was once considered an economic burden on Pakistan as former East Pakistan — now has a stronger economy and a higher-valued currency than Pakistan.
We must seriously consider the reasons behind this. Why is Pakistan’s economy deteriorating despite being militarily strong? Why is the value of our currency so low?
Let us assess that 78 years have passed since Pakistan was formed. During this time, how many years were governed by civilian governments, and how many by military rule? We also need to ask: has any Prime Minister of Pakistan ever completed a five-year term? Pakistan has experienced four military coups under General Ayub Khan, General Yahya Khan, General Zia-ul-Haq, and General Pervez Musharraf. Civilian governments typically serve for five years, but military rulers remained in power for ten years or more. If corruption under civilian governments was the reason for currency devaluation, then military regimes should have eradicated corruption and improved the currency’s value but that didn’t happen. Therefore, the military rulers also share responsibility for economic failure and currency depreciation.
The question arises: why did our rulers not value Pakistan? Perhaps because the areas where Pakistan was established never experienced the Pakistan Movement. Historically, the Pakistan Movement took place in the undivided Indian territories of UP, CP, Bihar, Hyderabad Deccan, and East Bengal where people supported the cause and sacrificed millions of lives. The bitter truth is that the areas comprising present-day Pakistan did not make sacrifices, neither blood nor wealth for Pakistan’s creation. They didn’t cross rivers of fire and blood; instead, they inherited an already-established Pakistan. That is why, in their eyes, Pakistan holds little value. Had they too shed blood for its creation, they would have valued Pakistan, served it with honesty and dedication, prioritized the nation over personal interests, and helped the country progress. In such a case, Pakistan’s economy would have surpassed India and many other countries, and we would not be begging before others.
Altaf Hussain
241st intellectual session on TikTok on
April 13, 2025.
(Watch complete study circle )
https://youtu.be/gczJftQatNo?si=GyqtGYYFmgHcmsvY
|
4/20/2025 5:56:02 PM
|
|