LyrArc Article Gist
Musharraf's efforts at economic growth were not broad enough or deep enough to create a measurable difference in the lives of the Pakistani people. And improvements in industry and agriculture may have been shallow compared to the potential. The wars or conflicts one or the other with India and the failure of political leaders may have been too big a distraction to achieve the significant effort needed to make a serious improvement in the lives of ordinary people and grow the middle class. Inflation is up by 24% year to year in July and rising, which is really an intolerable burden in a poor developing country. Now what little progress was made in Pakistan for the lives of ordinary people and the middle class is unraveling in the face of increase in the price of food, and fuel. And the the fall in the value of the Pakistan ruppee to Rs 75 for one American dollar, a 24% decline in value since January 2008 in only 8 months, shows a serious loss of confidence in the economy. The fall in the foreign exchange reserves is striking from $16 billion in November to $9.92 billion at this time. Pakistan appears to be heading in the direction of a serious refocussing of its economy, its politics, its educational institutions, and government and private industry, and its military in the direction of improving the lives of ordinary people, building industry and agriculture and building its infrastructure. If left unattended this crisis can only get worse and none of the past experience the old military approaches, the religious politics, the corruption in politics, the old political slogans, the conflict building with India, is going to be of much help in tackling the real day to day problems of improvement in industry, agriculture, infrastructure, and building better lives.