PPP responsible for losses of Steel Mills: Gill

ISLAMABAD: PM’s Special Assistant on Political Communications Dr Shahbaz Gill Wednesday said it was the PPP that played a key role in losses of Pakistan Steel Mills (PSM), as its deficit reached Rs450 billion from Rs10 billion profit.

Reacting to Sindh government’s spokesperson Murtaza Wahab, he said those who are talking about industrial growth are actually behind the losses of Pakistan Steel Mills and responsible for its closure, said a press release.

Shahbaz Gill said due to recovery of economy by strenuous efforts of present regime, the ‘political shop’ of the corrupt alliance has closed down and now they are criticising for the sake of criticism and are not able to digest the economic growth.

He said they are the same people who also made such policies that caused losses to PIA.

He said despite COVID-19 pandemic, prime minister introduced policies to open the business and move the industrial wheel of the country.

The trade volume of Pakistan Stock Exchange (PSE) was recorded at a 4-year high due to the revival of industries, he said.

He said from July 2020 to March 2021, 19,000 new companies have been registered with the Security Exchange Commission of Pakistan (SECP), adding that ventilator, heart-stent, mobile manufacturing have also started in the country.

He said large scale manufacturing recorded the highest monthly growth in 12 years.

Gill said Pakistan has also improved its ranking globally in the ‘ease of doing business’ Index and grabbed 39th position, which is the best since 2013. He said for the first time since 2016, foreign exchange reserves increased to $23 billion, adding that commercial banks reserves also witnessed record growth in 18 years.