On 14 August 1947 the Indian sub-continent was partitioned, and Pakistan was carved out of the north-western and north-eastern parts of British India. An account of the Pakistan economy since Independence has to begin with its initial endowment and the effects of Partition. To describe and analyse the broad trends in the economy since Independence one has to use Pakistan's national income accounts and other such available data, although the statistics may not be accurate. Between 1949-50 and 1969-70 the economy made considerable progress in industrial, commercial, and also agricultural development. In contrast to the relative stagnation during the period from Independence to 1959-60 when nothing except nascent large-scale manufacturing grew faster than population, the period from 1959-60 through 1969-70 is one of quite remarkable growth of the Pakistan economy. In the immediate post-Independence period the major portion of imports consisted of manufactured consumer goods.