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Pakistan Day: more than a day of remembrance | The Express Tribune

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Pakistan Day: more than a day of remembrance | The Express Tribune


In modern world, sovereignty has evolved; it is no longer just political; it is deeply economic


ISLAMABAD:

Every year on March 23, Pakistan commemorates the Lahore Resolution – a defining moment that set the course for the creation of a sovereign state. It was a vision rooted in dignity, self-determination, and the right to shape an independent future.

More than seven decades later, Pakistan Day must be more than remembrance. It must also be reflection. Because sovereignty today cannot be measured by flags and borders alone.

In the modern world, sovereignty has evolved. It is no longer just political; it is deeply economic. A country that cannot sustain its economy without external support, which repeatedly returns to institutions such as the International Monetary Fund, must confront a difficult question: how independent is its decision-making in practice?

Economic fragility narrows policy space, limits strategic options, and forces governments into short-term decisions that often come at the cost of long-term stability. Over time, it creates an illusion of sovereignty – where political independence exists, but economic autonomy does not.

Pakistan is not alone in having emerged from colonial rule. Many nations that gained independence in the mid-20th century began their journeys with similar or even weaker starting points.

Consider South Korea. In the 1950s, it was war-ravaged, resource-constrained, and heavily aid-dependent. Today, it is a global industrial and technological power. Malaysia transitioned from a commodity-based economy to a diversified manufacturing and services hub through consistent policy direction and export-led growth. Vietnam, once devastated by conflict, has emerged as a major export economy, integrating deeply into global supply chains.

These transformations were not accidental. They were the result of sustained policy discipline, institutional consistency, and a clear understanding that economic strength is the foundation of sovereignty.

Pakistan’s economic story, by contrast, is defined by repetition. Crisis leads to stabilisation. Stabilisation leads to temporary relief. Relief delays reform. And the cycle begins again. Export bases remain narrow. Productivity growth is slow. Fiscal pressures are constant. Policy direction often shifts with political transitions rather than long-term national priorities.

The issue is not the absence of ideas. Pakistan has produced numerous reform frameworks and policy roadmaps. The issue is continuity. Without sustained implementation, even the best strategies remain unrealised.

Why this Pakistan Day feels different

This year, Pakistan Day carries a sharper edge. Amid evolving regional tensions and shifting geopolitical realities, the meaning of sovereignty has become more immediate. National security is no longer confined to defence capabilities; it is inseparable from economic strength. A fragile economy is not just a developmental concern; it is a strategic vulnerability.

The spirit that led to the Lahore Resolution was rooted in the desire for control over destiny. Today, that control depends as much on fiscal stability, export strength, and institutional credibility as it does on political independence. Pakistan does not need another diagnosis. Its challenges are well understood. What it needs is discipline; expressed through three forms of consistency.

Consistency in policy means that economic priorities must outlive political cycles. Investors, industries, and institutions respond to predictability, not periodic shifts. Without stable policies, even the most promising sectors fail to mature.

Consistency in reform requires that structural changes are not abandoned midway. Tax reforms, export strategies, industrial policies – these cannot be crisis-driven exercises. They must be sustained, even when immediate pressures subside.

Consistency in direction is perhaps the most critical. Nations that progress do so not because they avoid setbacks, but because they do not lose sight of their long-term trajectory. Pakistan has often changed course just when continuity was needed most. Without these three forms of consistency, reform remains episodic and progress remains fragile.

From political freedom to economic strength

The generation that gathered in 1940 secured a political future for Pakistan. The responsibility of the present generation is to secure its economic one. With a population exceeding 240 million – of which nearly 65% is youth – Pakistan stands at a defining moment. This demographic reality can either become a powerful engine of growth or a source of economic strain.

Without economic expansion, job creation, and productivity growth, the promise of youth becomes a pressure point. At the same time, the global economy is evolving rapidly. Competition is intensifying. Technological shifts are redefining industries. Countries that fail to adapt risk being left behind.

Economic strength, therefore, is not a luxury; it is a necessity. It is essential to safeguard political freedom. It is essential to provide dignity to citizens. It is essential to position Pakistan as a credible and confident member of the global community.

Pakistan Day is also a moment of remembrance. It is a reminder of those who struggled, sacrificed, and envisioned a state that would stand with dignity among nations. Their aspiration was not merely for territorial independence, but for a system that would ensure justice, opportunity, and self-reliance.

To honour that sacrifice is not only to remember it but to complete it. That requires moving beyond symbolic celebration to substantive progress. It requires building institutions that work, policies that endure, and an economy that sustains. It requires asking not only what Pakistan is but what it is becoming.

A day for decision

Pakistan Day should not only celebrate what was achieved; it should define what comes next. A nation that is politically free but economically dependent remains strategically constrained. When Pakistan came into being, it did so as a state with limited resources, fragile institutions, and immense uncertainty. Yet, through resilience and determination, it survived, stabilised, and laid the foundations of a functioning state against considerable odds.

That history is not a story of weakness; it is a story of endurance. But endurance alone is no longer enough. The world is moving faster than ever. Economies are transforming, technologies are redefining industries, and nations are competing not just for survival, but for relevance. In such a world, standing still is not stability; it is decline.

To catch up with the pace of global development, Pakistan must move with clarity of direction, consistency of decisions, and the courage to translate ambition into execution. Vision must become policy. Policy must become implementation. Implementation must deliver results. The generation of 1940 created Pakistan. This generation must now strengthen it. The promise was made. Its fulfilment still lies ahead.

The writer is a PhD; former executive director general, Board of Investment, Prime Minister’s Office; public policy & corporate law expert

 



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IIP data: Industrial output rises 5.2% in February, manufacturing leads recovery – The Times of India

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IIP data: Industrial output rises 5.2% in February, manufacturing leads recovery – The Times of India


India’s industrial production grew 5.2 per cent in February, driven largely by an improvement in manufacturing output, according to official data released on Monday.Factory output, measured by the Index of Industrial Production (IIP), had expanded 2.7 per cent in February 2025, as per the official statement.Data released by the National Statistics Office (NSO) also showed that industrial growth for January 2026 has been revised upward to 5.1 per cent from the earlier provisional estimate of 4.8 per cent.The manufacturing sector, which forms the bulk of the index, recorded a growth of 6 per cent in February 2026, compared with 2.8 per cent in the year-ago period, supporting the overall expansion.Mining output growth improved marginally to 3.1 per cent from 1.6 per cent a year earlier, while power generation rose 2.3 per cent against a 3.6 per cent increase in February 2025.According to the official data, the IIP index stood at 159.0 in February 2026 compared to 151.1 in the corresponding month last year.Within manufacturing, 14 out of 23 industry groups recorded positive growth. Key contributors included “manufacture of basic metals” (13.2 per cent), “manufacture of motor vehicles, trailers and semi-trailers” (14.9 per cent), and “manufacture of machinery and equipment n.e.c.” (10.2 per cent).In use-based classification, infrastructure and construction goods, intermediate goods and capital goods emerged as the top contributors to growth. Capital goods output rose 12.5 per cent, while infrastructure/construction goods grew 11.2 per cent and intermediate goods by 7.7 per cent.Consumer durables output expanded 7.3 per cent, whereas consumer non-durables contracted 0.6 per cent during the month.During the April-February period of FY26, industrial production growth remained flat at 4.1 per cent compared to the same period last year.



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PSX declines as oil surge, bond yields rattle investors – SUCH TV

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PSX declines as oil surge, bond yields rattle investors – SUCH TV



The bourse fell on Monday as surging oil prices and rising bond yields intensified fears of imported inflation and external-account stress, with investors also tracking the widening Middle East conflict and its spillover risks for trade and industrial activity.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index traded between a high of 151,813.61 (up 106.10 points, or 0.07%) and a low of 144,656.97 (down 7,050.54 points, or 4.65%) compared to the previous close of 151,707.51.

“Stocks witnessed selling amid concerns for Middle East conflict impacting industrials output and surging interest rates,” said Ahsan Mehanti, Managing Director and Chief Executive Officer of Arif Habib Commodities.

“Surging Govt bond yields, higher crude oil prices impacting external account played catalyst role in bearish activity at PSX,” he added.

Oil rallied as the conflict entered its fifth week, with Yemen’s Houthi rebels saying they fired cruise missiles and drones at strategic sites in Israel, adding to concerns about a widening theatre and disruption risks around the Red Sea and the Strait of Hormuz.

Saudi Arabia rerouted much of its oil exports via the Red Sea to avoid Hormuz, which the report said has been effectively closed, pushing crude to its highest level since earlier in the month; Brent climbed close to $117 a barrel at one point.

Risk aversion also hit global equities, with heavy falls reported across Asian markets after Wall Street’s sell-off.

Adding to the cautious mood were US President Donald Trump’s remarks about wanting to “take the oil in Iran” and that the United States could take Kharg Island “very easily”, while Iran’s parliament speaker warned Washington was “secretly planning a ground attack”.

Foreign flows remained under pressure. State Bank of Pakistan (SBP) data showed overseas investors withdrew a net $177.9 million from Pakistan’s Treasury Bills (T-bills) as of March 19, compared with $31.2 million in February, while also selling $21 million in Pakistan Investment Bonds (PIBs) and $148.7 million from their Pakistan Stock Exchange portfolios by March 19.

Overall, the report said foreign investors sold T-bills, PIBs and equities worth $348 million as heightened global risk sentiment and higher oil prices drove a flight from emerging-market exposure.

On the inflation front, weekly inflation measured by the Sensitive Price Indicator (SPI) rose 0.97% in the week ended March 26 to 345.45 points, and was up 8.24% year-on-year, the Pakistan Bureau of Statistics (PBS) said.

On Friday, the KSE-100 Index extended losses, shedding 1,200.45 points (0.79%) to close at 151,707.52 from 152,907.97, trading between 153,660.89 and 151,457.95.



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LPG crisis eases: Operations back to normal in many factories as commercial LPG supplies improve; workers return – The Times of India

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LPG crisis eases: Operations back to normal in many factories as commercial LPG supplies improve; workers return – The Times of India


The Centre has designated sectors such as steel, automobiles, textiles, dyes, chemicals and plastics as priorities. (AI image)

LPG crisis for factories across the country seems to be easing as the government steps up availability of commercial liquefied petroleum gas. Production disruptions are gradually subsiding as supplies of commercial LPG improve and migrant workers return to factories, supported by companies providing meals or alternative cooking solutions.This improvement follows the government’s move on Friday to raise the allocation of commercial LPG by an additional 20 percentage points, taking it to 70 per cent of pre-disruption levels that had been affected by the Gulf conflict and Iran’s near blockade of the Strait of Hormuz.

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2 LPG Tankers Reach Indian Ports, 2 More En Route From Strait Of Hormuz With Huge Cargo

The Centre has designated sectors such as steel, automobiles, textiles, dyes, chemicals and plastics as priorities, given their labour-intensive operations and strong interlinkages with other industries, according to an ET report.Companies operating in these sectors have started to see operations gradually stabilise.Liquefied petroleum gas is extensively used across industries such as automobiles and electronics, particularly in processes like brazing and paint shop operations, as well as in segments like food processing.

Availability of Commercial LPG supplies

Industry players indicated that LPG availability has become more stable.“Earlier we had visibility of one-two days; now it’s about a week,” said Kamal Nandi, head of the appliances business at Godrej Enterprises. “There are no issues with labour or raw materials, and production is running at full throttle,” he was quoted as saying.An executive from the automobile sector noted that supply constraints at smaller vendors are easing, while larger manufacturers have managed to limit disruptions by adopting alternative fuel options.“The higher allocation for non-domestic LPG and inclusion of automobiles as a priority sector is a big help,” he said.Mayank Shah, vice president at Parle Products, said improved LPG availability is enabling previously impacted plants to move back towards optimal production levels. He added that companies have urged the government to include packaged foods among the priority sectors.Ajay DD Singhania, chief executive of Epack Durable, noted that supplies have recovered to nearly 60 per cent of normal levels and are likely to rise to around 80 per cent this week. “The new normal is that we have to follow up daily to secure LPG supplies, but availability has improved,” Singhania said. “Workforce retention is no longer a challenge with us offering meals or cooking support. However, production losses over the past three-four weeks are not recoverable.Attendance levels have also improved as several firms introduced canteen meals, reducing reliance on LPG for cooking. Earlier, supply disruptions had led to absenteeism among migrant workers and a temporary outflow, as higher black market prices and the shutdown of small eateries and mess facilities made food access difficult.A senior executive in the auto components sector said companies are now providing meals across shifts or offering incentives of up to Rs 5,000 to offset higher LPG costs and retain workers. “Attendance has returned to normal,” he said.Avneet Singh Marwah, chief executive of Super Plastronics, said the migrant workforce has returned as supply pressures have eased. The company produces televisions under the Kodak, Thomson and Blaupunkt brands.



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