Pakistan Steel Mills approves the Temporary Relief Allowance for PSM employees at the rate of 25%, Senate Committee informed

ISLAMABAD, Jan 11 (SABAH): A Meeting of Senate Standing Committee on Industries and Production was held at Parliament House on Thursday with Senator Khalida Ateeb in Chair.

The Senate Committee deliberated on the role, functions, and achievements of the Small and Medium Development Authority (SMEDA), officials stated that there are approximately 5.2 million SMEs in the country, contributing an estimated 40% to GDP and 30% to exports. The economic value of Rs. 9.85 rupees has been created for each rupee spent on SMEDA. Officials mentioned that entities worth around 80 million Rupees fall under the SME category, and 64% of such entities are located in the Punjab Province. A total of 36 Common Facility Centers were established across the country through PSDP funding; however, many of these centers have been halted due to a lack of funds. The Committee recommended the ministry to initiate public-private partnerships for the utilization of these established Common Facility Centers.

While discussing the implementation status of Committee recommendations, officials mentioned that Pakistan Steel Mills has approved the Temporary Relief Allowance for PSM employees at the rate of 25%. However, officials couldn’t provide details of stolen items in the last 10 years and their market value. The Committee directed PSM officials to provide details of stolen items with their market value in the next meeting. Officials added that a loss of Rs. 30 billion occurs annually, with a break-off cost of Rs. 1 billion to maintain the common batteries. The Committee urged the ministry to decide the fate of Pakistan Steel Mills to avert these losses.

Furthermore, the committee deliberated on the role and functions of the State Engineering Corporation (SEC). Officials mentioned that SEC, established in 1973, comprises 12 units and was once a leading organization in the public sector. However, out of the 12 companies originally owned by SEC, 11 have been privatized, leaving SEC with only Pakistan Engineering Company in Lahore. Importantly, the present role of SEC is limited to being a liaison officer between the Ministry of Industries and Production, Privatization Commission, and other government entities.

In attendance were Senator Fida Muhammad, Senator Faisal Saleem Rehman, Senator Saifullah Sarwar Khan Nyazee, Senator Zeeshan Khanzada, Senator Mohammad Abdul Qadir, Secretary for Industries and Production Rashid Mahmood Langrial and other senior officials of relevant departments were also in attendance.