‘Four companies show interest in PSM’s revival’

KARACHI: Four companies have showed interest in participating in the government’s plan to revive the state-owned Pakistan Steel Mills (PSM), planning minister said on Saturday.

Without disclosing the names, Minister for Planning, Development and Special Initiatives Asad Umar said PSM will be functional in the future as four companies have shown interest to run it.

Umar in a meeting with office bearers and members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said Karachi will be provided with additional 1,000 megawatts of electricity, of which 450 megawatts would be generated by K-Electric while 600 megawatt would be provided to it through grid, which would be increased to 2,100 megawatts in three years then 5,000 megawatts.

The planning minister said Greenline bus service will start operations in Karachi till August. Besides, a railway line would be developed from Karachi Port to Pipri, on which bidding would be held this year and would operate on build-operate and transfer basis (BoT) by the private sector.

“Karachi circular railways of which we have been listening since last 30 years has been awarded consultant award and it would also operate on BoT basis as well,” he said.

Umar said K4 project was with Sindh government and had paused and the project has been transferred to Water and Power Development Authority and it would be operative by the second half of this year.

During last 10-11 years, it is first time exports have been recorded at $2 billion per month, he said. Businessmen have earned, not the government.

Development took place in the country and large manufacturing increased 12 to 13 percent. Cement and car production have increased. He said during the last month electricity consumption by the industry increased by 15 percent, which shows their production has increased.

Talking about the cabinet’s decision to keep ban on imports from India, he said, the PM has taken decision in solidarity with the Kashmiris. However, the PM had asked his team to find out the alternative.

On inflation, he the minister said there is no doubt that inflation is the biggest challenge. “Prices of the food items have increased in the world as well, which affected the local market,” he said.

On rupee devaluation, he said it was at Rs105 to a dollar in 2017, which moved to Rs127/dollar during elections in seven months while it depreciated by Rs25 during two and half years of the PTI government to Rs153/dollar. It has appreciated without State Bank injecting a single dollar in the market, he said.

He supported Sindh government’s decision to close markets twice a week: Saturdays and Sundays saying that number of COVID patients on ventilator in Pakistan reached to 3,400, which was at the peak level of June last year.

“Though technically Karachi is below that number, I support Sindh government’s decision to close market twice a week,” he said. “International players praised our efforts as we took targeted decisions.”

Gujjar Nullah, Mehmoodabad and Orangi Town nullahs would be cleaned by July this year, said the minister.