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Independence Day (Urdu: یومِ آزادی, romanized: Yaum-i Āzādī ), observed annually on 14 August, is a national holiday in Pakistan.It commemorates the day when Pakistan achieved independence from the United Kingdom and was declared a sovereign state following the termination of the British Raj between the 14th and 15th August 1947.
Statesmen of the early decades of Pakistan, with Pakistan’s founding father and future Governor-General, Muhammad Ali Jinnah in the centre of the bottom row. Three future Prime ministers can also be seen with Khawaja Nazimuddin to Jinnah’s left, I.I. Chundrigar on the rightmost of the middle row, and Liaquat Ali Khan on Chundrigar’s left.
Before independence on 14 August 1947, during the British colonial era, the Reserve Bank of India was the central bank for the then undivided subcontinent. On 30 December 1948 the British Government's commission distributed the Reserve Bank of India's reserves between Pakistan and India—30 percent (750 M gold) for Pakistan and 70 percent for India.
In the late 1940s, upon its establishment, Pakistan had an agrarian-based economy. Agriculture constituted 53% of the country's GDP in 1947 and slightly increased to 53.2% in 1949–50. With a population of approximately 30 million, including around 6 million residing in urban areas, about 65% of the labor force was engaged in agriculture.
An important event during his premiership was the establishment of a National Bank in November 1949, and the installation of a paper currency mill in Karachi. [29] Unlike his Indian counterpart Jawaharlal Nehru, under Khan Pakistan's economy was planned, but also an open free market economy. [28]
The founder of Pakistan Muhammad Ali Jinnah concluded his address with the slogan Pakistan Zindabad (Long Live Pakistan). [ 101 ] As the United Kingdom agreed to the partitioning of India , [ 101 ] the modern state of Pakistan was established on 14 August 1947 (27th of Ramadan in 1366 of the Islamic Calendar , considered to be the most blessed ...
The government was founded on 15 August 1947, almost immediately after the Partition of India and Pakistan's independence. The founder of Pakistan, Muhammad Ali Jinnah tasked Liaquat Ali Khan, a leading figure in Pakistan's independence to form an administration and consolidate the new Pakistani governments’ control, while Jinnah himself ...
The liberalisation methods raised country's GDP growth at 9.38% (1964), 8.71% (1980s) and 8.97% (2004–07). After exclusive establishment of Pakistan, the country's economic policy for the rapid growth of the national economy was deeply understood and extensive efforts were carried out by the government of Prime minister Liaquat Ali Khan in 1947. [2]