Our Muslim brothers in Bangladesh who were once East Pakistan are debt free. Most people live within their means, under tin roofs and use cycle rickshaws for transport. The country has emerged as a major exporter of garments with foreign exchange reserves almost twice that of the Islamic Republic of Pakistan. The movement for a homeland for the Muslims of the Indian Sub-continent was started there in 1906 with the formation of the All-India Muslim League (AIML). In March 1940, the Lahore Resolution for the creation of Pakistan was presented by Maulvi Fazal-ul-Haq, a prominent Bengali politician. In 1971, Hussain Shaheed Suhrawardy’s Awami League, then under Sheikh Mujib-ur-Rehman, led the movement for breaking away from the federation they had created. While Pakistan finds itself trapped in debt, Bangladesh marches forward by living within its means. There are lessons to be learnt from our Bengali brothers who have designed the new free land under the two-nation theory.
Living on borrowed money is a recipe for disaster. Countries, organisations, businesses, families that spend more than their income invariably vanish. When I joined practical life in the year 1976 as an Apprentice Engineer in the Pakistan Industrial Technical Centre (PITAC) Lahore, my starting salary was Rs650 per month. Although the amount was meagre, my mother advised me to save 25 percent of what I earned, while my father asked me to live within my means; according to him it was always easy to move up and get used to luxuries but extremely painful to cut back. It was not an easy start to life. After six months when my internship was completed, the salary was raised to Rs950. At this stage, my old man arranged a second-hand car for me as I could now afford fuel for my transport. When the fuel budget was busted, I either had to walk to work or arrange a ride from a fellow colleague. This financial discipline has always provided security and peace of mind. Dole outs do not help, my father only intervened when large capital expenses were needed, but never for day-to-day running change for which I was made to rely on my own income.
Till 1958 Pakistan was debt free. Then the fast-track debt-driven economic model was adopted. The standard of living was raised on borrowed money. Fancy cars and gadgets were imported. Our neighbour India did not fall for short-term gains. Instead of imports, they relied on indigenisation together with simplicity. When I look around, I am reminded of the words of my old man ‘Live within your means’. This lavish lifestyle is not sustainable. It may be painful to cut back but that seems to be the only way forward to stand on our own feet.
The discovery of natural gas at Sui in 1952 was a big blessing but it ran out much before its time due to mismanagement. Now the fuel import bill is unaffordable. Finally, after four decades some sense has prevailed. The policy is to produce power with indigenous resources like abundantly available water and coal. While the AIML founded in Dhaka won freedom for us, the Drama Muslim Leagues (DML) of Rawalpindi have dented it. The Prime Minister talks about the ‘Chinese Miracle’ of eliminating poverty; he should also send a study mission to Bangladesh to understand their approach of living within their means.
Living on borrowed money is a recipe for disaster. Countries, organisations, businesses, families that spend more than their income invariably vanish. When I joined practical life in the year 1976 as an Apprentice Engineer in the Pakistan Industrial Technical Centre (PITAC) Lahore, my starting salary was Rs650 per month. Although the amount was meagre, my mother advised me to save 25 percent of what I earned, while my father asked me to live within my means; according to him it was always easy to move up and get used to luxuries but extremely painful to cut back. It was not an easy start to life. After six months when my internship was completed, the salary was raised to Rs950. At this stage, my old man arranged a second-hand car for me as I could now afford fuel for my transport. When the fuel budget was busted, I either had to walk to work or arrange a ride from a fellow colleague. This financial discipline has always provided security and peace of mind. Dole outs do not help, my father only intervened when large capital expenses were needed, but never for day-to-day running change for which I was made to rely on my own income.
Till 1958 Pakistan was debt free. Then the fast-track debt-driven economic model was adopted. The standard of living was raised on borrowed money. Fancy cars and gadgets were imported. Our neighbour India did not fall for short-term gains. Instead of imports, they relied on indigenisation together with simplicity. When I look around, I am reminded of the words of my old man ‘Live within your means’. This lavish lifestyle is not sustainable. It may be painful to cut back but that seems to be the only way forward to stand on our own feet.
The discovery of natural gas at Sui in 1952 was a big blessing but it ran out much before its time due to mismanagement. Now the fuel import bill is unaffordable. Finally, after four decades some sense has prevailed. The policy is to produce power with indigenous resources like abundantly available water and coal. While the AIML founded in Dhaka won freedom for us, the Drama Muslim Leagues (DML) of Rawalpindi have dented it. The Prime Minister talks about the ‘Chinese Miracle’ of eliminating poverty; he should also send a study mission to Bangladesh to understand their approach of living within their means.
