Even a straightforward reading of the numbers leaves a bitter taste. Military-linked commerce is responsible for some 4% of GDP. Its total commercial assets are worth some $4 billion. If the value of real-estate is included then the figure, according to Siddiqa, exceeds $20 billion. Out of 100 commercial projects run by army, navy and air-force conglomerates, only nine are listed on the stock exchange: the others do not need to report to any statutory or other public authority. Requests to come before parliamentary committees tend to be ignored, or referred to the ministry of defence or army headquarters, which between them act as a kind of apex body for many of the conglomerates.

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