ISLAMABAD: The Ministry of Industries and Production has encountered renewed criticism for its inability to furnish details of items stolen from the non-functional Pakistan Steel Mill (PSM) to a parliamentary panel.
Reports suggest that items and materials worth billions of rupees have been pilfered from the country’s largest industrial unit since its closure in June 2015.
The Senate Standing Committee on Industry and Production, chaired by Senator Khalida Ateeb, was informed Thursday that the thefts have significantly hindered PSM’s operational capability, resulting in a growing financial burden.
While discussing the implementation status of the committee’s earlier recommendations, officials disclosed that PSM has approved a temporary relief allowance for its employees at a rate of 25 percent. However, officials were unable to provide details on stolen items over the past decade and their respective market values. The committee directed PSM officials to present this information at the next meeting.
Officials added that an annual loss of Rs30 billion occurs, with a break-off cost of Rs1 billion to maintain common batteries. The committee urged the ministry to decide the fate of the mill to prevent further losses.
The committee also deliberated on the role, functions, and achievements of the Small and Medium Development Authority (SMEDA).
Officials revealed that there are approximately 5.2 million SMEs in the country, contributing an estimated 40 percent to GDP and 30 percent to exports.
