According to a Business Recorder news item, the Ministry of Industries and Production secretary has informed the legislators that it is virtually impossible to revive the Pakistan Steel Mill (PSM).
While briefing about the PSM, the Secretary, according to the news report, said that in the meetings of the Special Investment Facilitation Council (SIFC) headed by the prime minister was decided to declare the PSM as scrap as it was nearly impossible to revive the PSM with existing infrastructure and out-dated technology; however, they further decided that the land of PSM would be utilised for establishment of Special Economic Zone (SEZ).
The foregoing clearly suggests that the government’s decision to privatise PSM, a white elephant, must not be opposed in view of the fact that this once mega industrial unit cannot be revived owing to a variety of reasons. Steps must be taken to move forward. The Sindh government in particular is required to go beyond vote politics in the larger interest of the country’s economy and become a part of the solution.
Salahuddin Warraich (Rawalpindi)
Copyright Business Recorder, 2024
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