Economic Planning | MCQs

Explanation

Ghulam Muhammad, a Punjabi, had been Jinnah's choice

He served as Pakistan's first finance minister 15 August 1947 – 19 October 1951

Prime Minister: Liaquat Ali Khan, Sir K. Nazimuddin

Deputy: Muhammad Ali (1947–1948), Sir Victor Turner (1948–1951)

Succeeded by: Muhammad Ali

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He served as the third Governor-General of Pakistan,

Born: 29 August 1895, Lahore

Died: 29 August 1956 (aged 61), Lahore

Resting place: Fauji Qabrastan Karachi

Explanation

Liaquat Ali Khan Presented Poor Men’s Budget in 1946.

Following were some of the main features of the Poor Man’s Budget:

Salt Tax was completely abolished for the first time.

The minimum exemption limit for income tax was raised from Rs. 2000/- to Rs. 2500/-

Special income tax of 25% was introduced on businessmen whose annual profit was more than Rs. 100000/-

A graduated tax was introduced on the capital gains exceeding Rs. 5000/-

A commission was proposed to look into the accounts of those who accumulated wealth during the Second World War and to introduce heavy taxes on them.

Explanation

At the time, the Indian government had about Rs 400 crore in its kitty,

Division of assets finally took place in 4:1 ratio

with the Partition Council allotting the Pakistan Central Bank Rs 75 crore,

which included a working balance of Rs 20 crore made available to the Pakistanis in advance on August 15, 1947.

Explanation

Article 156 of the Constitution of Pakistan 1973 establishes the National Economic Council.

It responsible for reviewing and advising on the country's economic policies.

Explanation

Altogether, there were eight five-year plans (starting 1950 till 1999)

That was replaced with a more effective program, the Medium Term Development Framework (MTDF)

Under Prime Minister Shaukat Aziz (office: 2004–2007)

The first five-year plans were approved by Prime Minister Ali Khan in 1950 for the period of 1950–55.

List of Five-Year Plans of Pakistan:

1.      First Five-Year Plans (1955–1960)

2.      Second Five-Year Plans (1960–1965)

3.      Third Five-Year Plans (1965–1970)

4.      Fourth Five-Year Plans (1970–1975)

5.      Fifth Five-Year Plans (1978–1983)

6.      Sixth Five-Year Plan (1983–88)

7.      Seventh Five-Year Plan (1988–93)

8.      Eighth Five-Year Plan (1993–98)

Explanation

The Planning Commission is a financial and public policy development institution of the Government of Pakistan.

The Commission comes under Ministry of Planning, Development and Reforms.

The Planning Commission undertakes research studies and state policy development initiatives for the growth of national economy.

 Expansion of the public and state infrastructure of the country in tandem with the Ministry of Finance.