A comparison of Industrial Policy between Pakistan Vis a vis India Pakistan and India gained independence at the same time. India started off right away with Import substitution of Capital goods. We did nothing.

In 1958 Ayub Khan started import substitution as an industrial policy but of consumer goods, not capital goods. That set up the textile industry and accordingly the taxes and duties and incentive structures were designed.

India kept on its import substitution for capital goods.

Then ZAB arrived with nationalizations, reversed and switched to import substitution of capital goods. This set up the Pakistan Steel, Taxila Heavy Industry, and other large capital goods plants, and accordingly changed the taxes and duties and incentive structures conducive for that.

India kept on its import substitution for capital goods.

Then Zia arrived and discarded both import substitutions and switched to export orientation. That set up the textile made ups industry and accordingly changed the taxes and duties and incentive structures conducive for that.

India kept on its import substitution for capital goods.

Then arrived Benazir and did nothing but to stuff loyalists into the State Enterprises set up by her father and started them on the path to ruin, as well as imported furnace oil power plants for which we didn’t have enough foreign exchange.

India completed its import substitution for capital goods and switched to foreign investment based import substitution for consumer goods but with strict conditions of transfer of technology.

Then Sharif arrived and started off on infrastructure development in communications and roads structure. And accordingly changed the taxes and duties and incentive structures conducive for that.

India kept on its import substitution for consumer goods.

Then came Musharraf and the unlikely blessing of 9/11, and $36 billion flowed into the country on account of reverse capital flight alone, plus US logistics support payments. So he discarded everything done previously and switched to consumer led growth with easy and cheap consumer lending. And accordingly changed the taxes and duties and incentive structures conducive for that but without any conditions of transfer of technology.

India kept on its import substitution for consumer goods.

Then came Benazir and again did nothing but kept stuffing state enterprises - by now running on state subsidies of Rs. 500 billion annually.

India kept on its import substitution for consumer goods and added IT export orientation.

Then came Sharif again and reverted to infrastructure building and accordingly changed the taxes and duties and incentive structures conducive for that.

India completed its import substitution for consumer goods and started to make foreign direct investments as a global economic power.

Now we want another regime change and God knows what kind of Industrial policy.

Moral of the story: India planted a mango tree and watered it and waited patiently till it started to bear fruit.

We planted the same in a flower pot and remove it with regular intervals to inspect its roots, and expect it to bear fruit.