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Mapping Pakistan's Economic Journey ft. Shabbar Zaidi | Junaid Akram Podcast #173 | Junaid Akram

Junaid Akram・66 minutes read

An economist discusses Pakistan's economic reliance on the West, urging the country to focus on internal development and break away from foreign aid. The importance of regulating hawala charges to prevent disruptions and safeguarding cryptocurrency is emphasized, advocating for a more efficient catching mechanism while cautioning against relying solely on arrests.

Insights

The speaker, a prominent economist, stresses the necessity for Pakistan to focus on internal development rather than relying on foreign aid, especially highlighting the importance of education in achieving self-sufficiency, contrasting with the country's historical dependence on Western support during the Cold War.
The text emphasizes the critical need for regulating Hawala to prevent disruptions and safeguard crypto currency, suggesting a nuanced approach involving economic adjustments and technological solutions to address the challenges effectively, while cautioning against solely relying on arrests to combat issues like terrorism funding and the influence of organizations such as FATF.

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Recent questions

What is the economist's view on Pakistan's reliance on foreign aid?
The economist criticizes Pakistan's historical dependence on Western aid, urging the country to focus on internal development for self-sufficiency.
How does the economist compare Pakistan's education focus with India's?
The economist highlights Pakistan's lack of emphasis on education and internal development compared to India's development and independence.
What is the significance of real estate in Pakistan's economy?
Real estate is a major focus in Pakistan due to ease of investment, but issues like tax evasion and black money impact the market.
How does the economist suggest Pakistan achieve self-sufficiency?
The economist stresses the need for Pakistan to prioritize education, internal development, and break away from reliance on foreign aid.
Why is regulating Hawala important for economic stability?
Regulating Hawala is crucial to prevent disruptions, safeguard crypto currency, and manage economic situations effectively, emphasizing the need for technology and efficient catching mechanisms.

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Summary

00:00

Economist urges Pakistan to prioritize self-reliance

The speaker is a prominent economist from the West, discussing Pakistan's economic situation and the need for self-reliance.
He advises against relying on the World Bank and emphasizes the importance of internal development.
The economist met with Imran Khan in April 2019 to discuss economic issues and the need for self-sufficiency.
Pakistan's historical reliance on Western aid is highlighted, stemming from the country's role in the Cold War.
The speaker criticizes Pakistan's lack of focus on education and internal development.
The economist reflects on Pakistan's past as a recipient of Western aid and military support.
The discussion delves into Pakistan's historical ties with the West and the impact of the Cold War on the country's development.
The economist emphasizes the need for Pakistan to break away from its reliance on foreign aid and focus on internal growth.
The conversation touches on India's development compared to Pakistan's historical dependence on Western support.
The speaker highlights the need for Pakistan to prioritize education and internal development to achieve self-sufficiency.

17:48

Contrasting Economies: Pakistan vs India

Pakistan has a socialist economy, contrasting with India's capital economy.
American assistance during the Cold War supported India's economy.
Pakistan's economy has evolved post-Cold War, while India struggles to stand independently.
West Pakistan's economic issues are likened to a spoiled child.
The Nehru family's background in law and medicine is highlighted.
The importance of trade relations between Pakistan and India is emphasized.
The lack of quality educational resources in Pakistan is discussed.
The Muslim world's detachment from knowledge, particularly in Quranic studies, is noted.
The significance of reading and understanding the Quran is stressed.
The issue of tax evasion in Pakistan, both direct and indirect, is raised.

33:45

Real estate trends and tax evasion in Pakistan.

The tax on tea in Pakistan is Rs. 5, which is paid by those with high incomes.
Real estate is a significant focus in Pakistan, with a trend of investing in land for the past 30-40 years.
Real estate is preferred over other industries due to the ease of investment without withholding tax.
The issue of tax evasion and black money is prevalent in real estate transactions.
The transformation from an agricultural to an urban class is observed, with individuals from small towns investing in real estate in major cities.
The importance of developing real estate plots before selling them is emphasized.
The defense phase in Karachi is highlighted as an example of proper real estate development.
The distinction between plot and house as assets is discussed, with houses being considered more valuable.
The impact of limited quality plots on the real estate market and the influence of black money on prices are mentioned.
The difference in mindset between Pakistani and Indian investors, particularly in real estate, is explored, with a focus on historical and economic perspectives.

48:22

Issues in Silam: Rent, Gutter, Politics

Rent in Silam is ₹ lakh, causing issues in the country.
Gutter blockage in the neighborhood's second block for two and a half months.
Plaza construction leading to gutter blockage.
Historical canal behind bungalows, now replaced by houses.
Political vacuum filled by Miya Saheb.
Evaluation of Dar Saheb's performance since 2013.
Deep study of comparative religion and economics.
Human brain's underutilization, contrasting with Einstein's story.
Bengali resistance and mindset post-1971.
Israeli settlements and their significance in the area.

01:04:51

Historical significance of Gaza in trade routes

The piece of land discussed has historical significance and is linked to the settlement history of Israel.
The land is described as a love affair, with specific areas designated for different purposes.
Hujoor Salam's father had blessings in Gaza, indicating the importance of Gaza historically.
A geographical reference is made to the Urban Peninsula and the creation of a place from Gaza to Mecca.
The foundation of Arab trade is highlighted, focusing on the routes taken during different seasons.
The trade routes between Europe and Asia are discussed, emphasizing the significance of Gaza in historical trade.
The perfume trade is detailed, with Paris and Prague being key cities in the industry.
The importance of perfumery in Europe due to bathing habits is explained, linking it to the trade routes.
The significance of promoting startups and agriculture for economic growth is emphasized.
The need for security and stability in Pakistan to attract investors and foster economic growth is highlighted.

01:22:02

Managing Hawala Handi: Dollar Rate Adjustment

Hawala Handi can be controlled by adjusting the Dollar rate by one to two rupees in both markets, ensuring that any difference in the rate does not lead to the end of Hawala D. Playing with economics rather than rules is emphasized to manage the situation effectively, with a focus on regulation to prevent bribery and maintain the system's integrity.
Recognizing the importance of regulating Hawala to prevent disruptions and safeguard crypto currency, the text highlights the need to address hawala charges seriously. Emphasizing the role of technology, such as Binance's presence in the UAE, the text advocates for a more efficient catching mechanism while cautioning against relying solely on arrests due to potential issues like terrorism funding and the influence of organizations like FATF.

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