AVN 59.50 Decreased By ▼ -0.79 (-1.31%)
BOP 10.30 Increased By ▲ 0.14 (1.38%)
CHCC 130.70 Increased By ▲ 1.55 (1.2%)
DCL 9.50 Increased By ▲ 0.15 (1.6%)
DGKC 108.50 Increased By ▲ 2.83 (2.68%)
EFERT 67.42 Decreased By ▼ -0.78 (-1.14%)
EPCL 32.97 Increased By ▲ 2.45 (8.03%)
FCCL 21.45 Increased By ▲ 0.17 (0.8%)
FFL 13.25 Increased By ▲ 0.11 (0.84%)
HASCOL 16.32 Increased By ▲ 0.49 (3.1%)
HBL 130.15 Increased By ▲ 2.15 (1.68%)
HUBC 90.20 Increased By ▲ 3.46 (3.99%)
HUMNL 9.14 Decreased By ▼ -0.23 (-2.46%)
JSCL 16.70 Decreased By ▼ -0.28 (-1.65%)
KAPCO 29.00 Increased By ▲ 1.22 (4.39%)
KEL 3.93 Increased By ▲ 0.08 (2.08%)
LOTCHEM 13.12 Increased By ▲ 0.22 (1.71%)
MLCF 36.29 Increased By ▲ 0.67 (1.88%)
OGDC 115.74 Increased By ▲ 1.03 (0.9%)
PAEL 35.31 Increased By ▲ 0.16 (0.46%)
PIBTL 12.17 Increased By ▲ 0.02 (0.16%)
PIOC 93.18 Increased By ▲ 5.28 (6.01%)
POWER 8.67 Decreased By ▼ -0.23 (-2.58%)
PPL 104.10 Increased By ▲ 2.34 (2.3%)
PSO 187.70 Increased By ▲ 0.10 (0.05%)
SNGP 57.50 Increased By ▲ 0.40 (0.7%)
STPL 12.04 Increased By ▲ 0.22 (1.86%)
TRG 46.60 Decreased By ▼ -2.42 (-4.94%)
UNITY 13.19 Decreased By ▼ -0.05 (-0.38%)
WTL 1.25 Decreased By ▼ -0.07 (-5.3%)
BR100 4,272 Increased By ▲ 42 (1%)
BR30 21,991 Increased By ▲ 172 (0.79%)
KSE100 40,873 Increased By ▲ 313 (0.77%)
KSE30 17,789 Increased By ▲ 182 (1.04%)
COVID-19 TOTAL DAILY
CASES 285,921 730
DEATHS 6,129 17
Sindh 124,556 Cases
Punjab 94,715 Cases
Balochistan 11,956 Cases
Islamabad 15,296 Cases
KP 34,859 Cases

ISLAMABAD: Minister for Industries and Production Hammad Azhar on Friday apprised the Senate that the losses of state owned enterprises have surpassed even to the annual defence budget due to the indecisiveness and regressive policies of previous governments.

Responding to various supplementary questions during Question Hour, the minister said the past governments failed to revive or privatize Pakistan Steel Mills (PSM).

He said the debt of PSM stood at Rs. 211 billion and now the government has decided to lease out the core steel mills operations in order to revive it.

The PSM couldn't be revived or privatized during the PPP and the PML-N's tenures and a sum of Rs. 35 billion had been paid during the past five years from the taxpayers' pockets to its employees, he added.

The minister said that the PSM employees had not been working for the last many years and now they would get a financial package of minimum Rs. 2.3 million to Rs. 7-8 million per employee as compensation.

He clarified that only the operations of PSM would be privatised while thousands of acres of land would still remain in the custody of the PSM.

To a question, the minister said PSM owned 19,013 acres and no land has been sold out.

However, PSM has leased out some of its land to Down Stream Industrial Estate, M/s National Industrial Park Management and Development Company and township to its employees.

To a question, the minister said PSM has total 8,944 employees.

Later the Chairman referred questions pertaining to PSM to the concerned standing committee on the demands of members for detailed deliberation.