In Punjab, the economic situation was better compared to other provinces because of its agricultural production. A boom in real estate was seen, and about 70 per cent more vehicles were purchased than last year.
But despite this ostensible opulence, there was no increase in the per capita happiness or quality of life, which should be the actual yardstick to determine the collective or individual satisfaction of the people. The common man had to work harder to feed himself and his family.
If on the one hand people could afford to have better houses and cars - mainly because of the access to leasing options launched by commercial banks - there was also increase in the number of suicides due to economic problems.
There was a decline in the wheat production because of which the country had to import some 1.5 million tons to meet the requirements and maintain reserves. To be able to meet its requirements with local production, Punjab maintained a ban on wheat movement for a good part of the year. After protests by other provinces, the provincial government only grudgingly lifted the ban.
The Punjab is expecting a good cotton crop this year, which is one of the primary sources of foreign exchange. By the end of December, it was estimated that this year's crop would be one of the province's best ever. The province also had a good rice crop. But this did not add to the resources of those who grow rice. The profits, if any, went to the commission agents. Sugarcane production was also good, but in spite of that sugar prices registered an increase even when the crushing season had started. People buying and selling land, specially in big cities like Lahore, Faisalabad, Multan and Rawalpindi earned windfall profits.
Many people became millionaires overnight on selling their lands. The phenomenon created a new class of nouveau riche people.
People in the car business also made fortunes during the year. Demand for automobiles went up by about 70 per cent as a result of which prices shot up. Of course, there was also the menace of having to pay premiums for prompt delivery, something that the government said it would do a lot to eliminate but did little in practice. Profit margins were also raised accordingly. The rapid increase in the number of cars also caused traffic problems and the situation is certainly going to worsen in the times ahead.
An important project approved by the Punjab Assembly during the outgoing calendar year was the New Murree city.
In Punjab, the economic situation was better compared to other provinces because of its agricultural production. A boom in real estate was seen, and about 70 per cent more vehicles were purchased than last year.
