Soviet Arms Aid to Pakistan

October 19, 1968 ignores certain basic prerequisites of development The key factor for cumulative development is saving and capital formation. While the rate of fixed domestic capital formation was 19 per cent in 1959, it steadily declined to 14 per cent in 1965. Thereafter it has taken an upward trend, the rate for the past two years being 14.7 and 15,8 per cent. An improvement of this magnitude is hardly a matter for self-congratulation because the current rate is still substantially below the 1959 rate of 19 per cent.