The video discusses the economic performance of Pakistan and India over the past few decades. It starts with a discussion of Imran Khan's statement that Pakistan is cheaper than India, which was criticized due to India's higher GDP per capita. It then presents a graph showing that India's GDP per capita is now about 70% higher than Pakistan's. The video attributes this to several factors, including the large number of loans Pakistan has taken from the IMF compared to India.
The video then delves into the historical context, discussing how Pakistan's economy surpassed India's in the 1960s and 1970s, largely due to policies that encouraged industrial growth and agricultural revolution. However, the video points out that these policies were discriminatory and contributed to the economic divide between West and East Pakistan.
The video discusses the political instability and military coups that have plagued Pakistan since the 1970s, which have led to the dominance of the military in the country's economy and the rise of a few wealthy businessmen. It also discusses the impact of the Soviet-Afghan war and the rise of religious political parties on Pakistan's domestic security.
On the other hand, the video contrasts this with India's economic liberalization in the 1990s, which led to a significant increase in its per capita income. It notes that while both countries have their challenges, India has been able to grow its economy more effectively than Pakistan.
The video concludes by urging viewers to focus on economic development and criticizing the influence of religion and geopolitics on the economies of both countries. It also promotes a credit card called One Card.
Here are the key facts extracted from the text:
1. In 1980, Pakistan's GDP per capita was higher than that of India.
2. 40 years later, India's GDP per capita is approximately 70% higher than that of Pakistan.
3. Since 1988, Pakistan has taken a loan from the IMF 12 times, while India has done it only once.
4. In the 1960s and 1970s, Pakistan's economy grew at a faster pace than India's.
5. Pakistan's former Minister of Finance claimed that before 1988, Pakistan was performing better than India in many economic indicators.
6. India's foreign direct investment is 40 times that of Pakistan.
7. Compared to Pakistan, India is doing better in most human development indicators.
8. Bangladesh, whose per capita income was less than half of Pakistan in 1971, is now ahead in exports, education, and life expectancy.
9. In 1900 and 1947, India's economic growth averaged 1% every year.
10. The British invested little in improving agricultural productivity in India during their rule.
11. Britain made limited investments in India's human potential, including education and healthcare.
12. In 1947, India had one of the lowest literacy rates in the world, and life expectancy was 30-40 years.
13. After independence, both India and Pakistan adopted central planning, where the government had authority over the market.
14. In the late 1950s, Pakistan's economy began to open up to trade and exports under Ayub Khan's rule.
15. India's government adopted a trading policy in the 1960s that lowered its economic growth.
16. Pakistan's growth accelerated to about 6% a year from the 1960s to the 1980s, compared with 4% for India.
17. In 1970, a cyclone in East Pakistan killed around 500,000 people in one night.
18. The war between East and West Pakistan in 1971 resulted in the independence of Bangladesh.
19. The direct and indirect costs of the war are estimated to be $10 billion.
20. Pakistan lost its growth engine, Bangladesh, after the war.
21. In the 1970s, Pakistan's economy collapsed, and the country experienced the worst inflation in its history.
22. In 1977, Pakistan witnessed another military coup, this time orchestrated by General Muhammad Zia-ul-Haq.
23. Zia-ul-Haq's rule was both advantageous and disadvantageous for Pakistan's economy.
24. He reversed the tight state control over industries enacted by Bhutto and encouraged private investment in the sector.
25. Zia-ul-Haq's policies led to a revival of the economy, with unemployment rates one of the lowest during this period.
26. However, his Islamization policies had a terrible impact on the country, especially after the Soviet Union invaded Afghanistan in 1979.
27. In 1999, Pervez Musharraf led another coup, and between 1998 and 1999, Pakistan had nine different governments.
28. Zia-ul-Haq's idea of Islamization affected Pakistan's domestic security, leading to the eruption of violence.
29. The military began dominating Pakistan's economy, with the United Nations claiming that Pakistan's military is the country's biggest real-estate developer.
30. Pakistan's economy began to get dominated by a few businessmen who had close ties with the government and military.
31. In 1991, the Indian economy was liberalized, competition grew stiffer, and it became easier to set up a company.
32. In 1990, India's per capita income was lower than that of Pakistan, but in 20 years it soared past it.
33. India's growth was due to its focus on liberalizing the country's economy, rather than on religion and geopolitics.
34. Indian leaders were focusing on liberalizing the country's economy, while Pakistan's economy was still under the control of the military.