ABSTRACT
Industrial development and industrial finance are, of course, inseparable, but in the present context ‘development’ means the promotion and operation of new enterprises, while ‘finance’ means the provision of capital and other forms of financial assistance to privately-owned undertakings. Perhaps the clearest example of the first extreme is Pakistan, where the greater part of the industrial sector of the national plan is confided to an Industrial Development Corporation. The position now occupied by this body is not the one originally envisaged for it. The Pakistan Government, in its Statement of Industrial Policy, issued in 1948, proclaimed its devotion to ‘private enterprise and individual initiative’. The government’s response was to establish, in 1950, the Industrial Development Corporation, which has subsequently steadily extended the scope of its operations. Organisationally, the Corporation has in fact been one of the brighter spots in an otherwise rather sombre scene.
