In 1980s, Pakistan was richer than India. What happened?

 


The 1980s saw a dramatic shift in the economic fortunes of India and Pakistan. In the 1980s, Pakistan was seen as the more prosperous nation of the two, with a GDP per capita that was higher than India’s. However, by the end of the decade, India was the clear economic leader and has continued to pull away from Pakistan ever since. So, what happened to change the fortunes of these two countries? One of the main reasons for Pakistan’s relative decline in the 1980s was its focus on a heavily militarized economy. This meant that the country’s resources were directed towards the defense sector, which in turn meant that there was less investment and resources available for other sectors of the economy. In addition, the country was plagued by poor governance and rampant corruption, both of which had a negative effect on the country’s economic performance. Meanwhile, India was making strides in the economic realm. During the 1980s, India embarked on the path of economic liberalization, which saw the country become more open to foreign investment, technology, and ideas. This allowed the country to capitalize on its vast pool of talented workers and its large domestic market, which in turn led to a period of economic growth. The result was that, by the end of the 1980s, India had overtaken Pakistan in terms of economic performance, and it has continued to widen the gap ever since. The country’s GDP per capita is now more than double that of Pakistan, and India is now considered to be one of the leading emerging markets in the world. In conclusion, the 1980s saw a major shift in the economic fortunes of India and Pakistan. Pakistan’s reliance on a heavily militarized economy, combined with poor governance and rampant corruption, resulted in a period of relative decline. India, on the other hand, opened up its economy to foreign investment and ideas, and this allowed it to capitalize on its vast pool of talented workers and its large domestic market, leading to a period of economic growth that has continued to this day.

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