Dr Mubashir Hasan Finance Minister

Dr. Mubashir Hasan, often remembered as “Mubashir Sahib,” served as the Finance Minister of Pakistan during a critical period following the 1971 war and the separation of East Pakistan (now Bangladesh). His tenure, from 1971 to 1974, was marked by a radical shift in economic policy under the Zulfiqar Ali Bhutto government, aiming to implement socialist principles and address widespread poverty and inequality.

Born in 1922, Dr. Hasan was a highly educated individual with a background in engineering and economics. He earned a PhD in Civil Engineering from the University of Iowa. Before entering politics, he worked as a professor at the University of Engineering and Technology, Lahore, and was known for his intellectual prowess and commitment to social justice. He became a close advisor to Zulfiqar Ali Bhutto and played a pivotal role in the formation of the Pakistan Peoples Party (PPP).

As Finance Minister, Dr. Hasan spearheaded a series of nationalization policies impacting key industries such as banking, insurance, and manufacturing. The rationale behind these measures was to redistribute wealth, curb the power of elite families, and provide greater control to the state over strategic economic sectors. Land reforms were also implemented to break up large landholdings and distribute land to landless peasants. While intended to empower the masses, these policies also faced criticism for disrupting established businesses, leading to inefficiencies, and discouraging foreign investment.

Dr. Hasan was a staunch advocate for self-reliance and reduced dependence on foreign aid. He promoted import substitution and encouraged the development of local industries. His policies aimed to create a more egalitarian society and improve the living standards of the common citizen. He focused on social programs, including education and healthcare, attempting to expand access to these essential services for the poor.

Despite his well-intentioned goals, Dr. Hasan’s tenure was fraught with challenges. The nationalization policies created uncertainty and resistance from the business community. The oil crisis of the 1970s exacerbated economic difficulties, leading to inflation and balance of payments problems. While he is remembered as a visionary and an idealist, his policies faced criticism for their unintended consequences and the economic instability they contributed to.

After leaving his post as Finance Minister, Dr. Hasan remained active in public life, continuing to advocate for social justice and democratic principles. He was a vocal critic of military rule and actively participated in movements for the restoration of democracy in Pakistan. He is remembered as a man of integrity and conviction, who dedicated his life to serving the underprivileged and promoting a more equitable society, even if his methods sparked considerable controversy.