Islamabad: The 2nd meeting of the Standing Committee on Industries & Production convened today under the chairmanship of Syed Hafeez ud Din, MNA, focusing on the critical updates about the Pakistan Steel Mill (PSM) and Utility Store Corporation (USC). The session was held at 2:00 PM in Committee Room No. 07, Parliament House.
According to National Assembly of Pakistan, the Secretary Ministry briefed the committee on the decision taken during the Special Investment Facilitation Council meetings led by the Prime Minister, particularly regarding the Pakistan Steel Mill. The committee learned that the PSM would be declared as scrap due to its obsolete infrastructure and technology, and its 19,000 acres would be repurposed for a Special Economic Zone. An additional 700 acres have been allocated to the Sindh government for building a state-of-the-art steel mill with modern technology.
Regarding the Utility Store Corporation, the Managing Director reported that the USC was established in 1971 and operates approximately 4,775 functional stores nationwide. The corporation received significant funding as part of the Prime Minister’s relief package, with substantial allocations reserved for the Ramzan Relief Package. The upcoming budget plans to allocate around Rs. 60 Billion for USC to continue providing subsidized food items to beneficiaries.
The committee expressed concerns about the taxes imposed on the industrial sector and planned to invite the Chairman of the Federal Board of Revenue to discuss potential tax relief to aid the sector’s revival. Additionally, it decided to hold detailed separate meetings on both the Pakistan Steel Mill and the Utility Store Corporation to further explore these subjects.
The meeting was attended by the Federal Minister for Industries and Production, various MNAs, and officials from the Ministry, who are collectively navigating the complexities of industrial operations and economic policies affecting these significant national assets.