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Pakistan takes harmful decision in a fit of rage!

Thursday - August 8, 2019 10:56 am , Category : WTN SPECIAL
Pakistan suspends business relations with India
Pakistan suspends business relations with India

Financially ruined Pakistan takes 'wrong decision'

AUG 08 (WTN) - Economically ruined Pakistan is trying to show eyes to the world's seventh largest economy like India. Pakistan, which promotes terrorism, has been upset after the removal of many parts of Article 370 and completely removal of Article 35A from Jammu and Kashmir, after which Pakistan severed its trade relations with India. For your information, let you know that Pakistan, which is going through the economic turmoil, took this decision at a time when India had taken away the Most Favored Nation status of Pakistan after the Pulwama terror attack. Since the end of the Most Favored Nation's status, trade between Pakistan and India has reduced considerably.

According to the information received from the media; Pakistan's National Security Committee (NSC) has 'resolved' to 'reduce' diplomatic relations with India and 'suspend' all bilateral trade with India. By the way, for your information, let you know that India, which is the world's seventh largest economy, does not have to face much difference with this step of Pakistan, rather it will cause more damage to Pakistan.

Statistics show that trade between India and Pakistan has been normal for the last few years. In 2018-29, there was a slight increase in trade between India and Pakistan between July-January and stood at 1.122 billion. Indian exports to Pakistan accounted for 79.33 per cent of the total bilateral trade between the two countries. Trade between the two countries is decreasing over time. As we told you that already the trade between the two countries was less, after the Pulwama terror attack this trade has reduced even more.

Let’s talk about few years ago; India's total trade in the year 2015-16 was 641 billion dollars. At the same time, trade with Pakistan was $ 2.67 billion. At the same time, India's export to Pakistan was only 2.17 billion dollars. Clearly, it is only 0.83 per cent of India's total exports. At the same time, India's import from Pakistan is less than $ 500 million, which was 0.13 per cent of India's total imports.

India exports 14 items to Pakistan, including tea, sugar, oil cake, petroleum oil, cotton, tires, and rubber. At the same time, India imports a total of 19 major products from Pakistan. These products include mango, guava, pineapple, fabric cotton, cyclic hydrocarbons, petroleum gas, Portland cement, copper waste and scrap, cotton yarn. As you know, after the Pulwama terroe attack, India reduced the basic customs duty on goods exported from Pakistan to 200 per cent, after which imports from Pakistan to India have come down.

For your information, let you know that the commercial import from Pakistan to India was reduced by 92 per cent to $ 28.4 lakh in March this year. According to the data, imports from Pakistan were $ 46.4 million in March 2018. Let you know that the Import from Pakistan declined by 47 per cent to $ 5.36 million during FY 2018-19, whereas India's exports also declined by nearly 32 per cent to $ 17.13 million in March this year.

However, exports grew 7.4 per cent to $ 2 billion for the entire fiscal year 2018-19. Total bilateral trade between India and Pakistan increased marginally to $ 2.41 billion in 2017-18 from $ 2.27 billion in 2016-17. India imported goods worth $ 488.5 million from Pakistan in 2017-18, while goods worth $ 1.92 billion were exported. It is clear that if trade between India and Pakistan is suspended, then it does not cause much harm to India, rather it causes a lot of damage to Pakistan. Now it has to be seen that after this step taken by Pakistan in furiousness, what and how adverse effect is there on the economy of Pakistan?