Pakistan an Asian Tiger?

On the eve of independence, Pakistan had only two textile mills, one at Okara and the other at Layallpur (Faisalabad). Both mills had 25,000 spindles each. At that time, the country’s cotton production was far more than these two mills could consume. So, the country exported surplus cotton that could not be consumed.

Dr Nazir Ahmed, the then Chairman, Tariff Commission (GoP), recorded in Pakistan Cotton Bulletin (1955), a publication of Pakistan Central Cotton Committee that export duty was levied on the export of cotton at the following rates: American cotton at Rs 90 per bale and desi cotton at Rs 60 per bale.

He further recorded that the total export duty recovered from export of cotton during 1949-55 was Rs 3,710 million.

In 1955, I paid US $ 2.00 for American visa and, at the prevailing exchange rate, I paid Rs 6-12-0. So one US $ was worth Pak Rs 3-6-0.

Cotton export duty translates into US $ 1000 million (one billion dollars).

During 1953-54, a Chevrolet car cost approximately Rs l4,000 ex-showroom. Had we not indulged in importing luxuries and set up industry with those one billion dollars, we would have become the first Asian Tiger in 1955.

Even now if we adopt simple living and shun imported luxuries we can still become one of the richest countries of Asia.

So how about it?

KARACHI MIAN IFTIKHAR AFZAL