ISLAMABAD: The Pakistan Association of Large Steel Producers (PALSP) has said genuine concerns of the steel industry also needed to be deliberated in order to bolster the construction industry.
They welcomed the construction package announced by the prime minister. “There can be no construction without steel and so it is needless to say that now the focus needs to be aimed at enabling the steel sector to support construction and employment,” the PALSP said.
Since the Pakistani steel industry was already witnessing a major downturn, the current lockdown has created a situation where steel companies are defaulting and close to bankruptcy. The PALSP has provided a clear roadmap to the government to pull the industry out of the crisis and asked the government for implementation on three-point agenda.
1. Allow steel industry that is providing material to the construction sector toopen across the country including downstream retailers/ traders.
2. The SBP to provide one-time interest free loans to steel manufacturing entities for a period of six months to help create liquidity in the sector. There is no recovery of trade receivables and taking on additional debt, at high interest rates, in a sector that is struggling is not a viable option.
3. Turnover tax U/S 113 for industry should be reduced to 0% from 1.5% for manufacturers and downstream retailers/ traders. This will ensure documentation and will provide some cash flow relief to an industry that is already making losses in the current year.
Miss Saima has been appointed as Member, Board of Governors, National School of Public Policy, Lahore
According to government the volume of imports from Iran during first quarter of this fiscal year was $308.5M
Management will comprise four service members including Imdadullah Bosal and Sohail Nasir
IHC Chief Justice on Monday directed the police to hold a thorough investigation of the abduction of Intezar Panjutha
The Ministry of Foreign Affairs with support of Department of Wildlife allotted areas to Middle Eastern dignitaries
The weapon system is capable of engaging land and sea targets with high precision