The document summarizes Pakistan's privatization program from the 1990s to 2008. It was launched in 1991 by Prime Minister Nawaz Sharif to promote free market principles and attract foreign investment. While it aimed to improve the economy, it increased wealth inequality as assets fell into the hands of a small group of business elites. Revisions were made under Prime Minister Shaukat Aziz from 1999-2008, and around 80-90% of industries were privatized by the end of his term.
Introduction
The industrial policy means the procedures, principles, policies rules and regulations which control the industrial undertaking of the country and pattern of industrialization. It explains the approach of Government in context to the development of industrial sector. In India the key objective of the economic policy is to achieve self-reliance in all sectors of the economy and to develop socialistic pattern of society. The industrial policy in the pre-reform period i.e. before1991 put greater emphasis on the state intervention in the field of industrial development. These policies no doubt have resulted into the creation of diversified industrial structure but caused a number of inefficiencies, distortions and rigidities in the system. Thus during late 70’s and 80’s, Government initiated liberalization measures in the industrial policy framework. The drastic liberalization measures were however, carried out in 1991.
Industrial Policies Prior to 1991
Industrial Policy Resolution, 1948
The first important industrial policy statement was made in the Industrial policy Resolution (IPR), 1948. The main thrust of IPR, 1948 was to lay down the foundation of mixed economy whereby the private and public sector was accepted as important components in the development of industrial economy of India. The policy divided the industries into four broad categories:
(i) Industries with Exclusive State Monopoly: It included industries engaged in the activity of atomic energy, railways and arms and ammunition.
(ii) Industries with Government Control: It included the industries of national importance and so needs to be registered. 18 such industries were put under this category eg. fertilizers, heavy chemical, heavy machinery etc.
(iii) Industries in the Mixed Sector: It included the industries where private and public sector were allowed to operate. Government was allowed to review the situation to acquire any existing private undertaking.
(iv)Industries under Private Sector: Industries not covered by above categories fell in this category.
IPR, 1948 gave public sector vast area to operate. Government took the role of catalytic agent of industrial development. The resolution assigned complementary role to small-scale and cottage industries. The foreign capital which was seen with suspect in the pre-independent era was recognized as an important tool to speedup up industrial development
new industrial policy 1991 is about the changes made in the policy in 1991. this policy is devided into two parts 1 is announced on 24 july 1991 which is concernd with the large scale industres including the middle scale and the second part is announced on 6 august 1991 and concerned with small scale sector............
Industrial policy is an important document that sets the tone in implementing, promoting the regulatory roles of the government.
It was an effort to expand the industrialization and uplift the economy to its deserved heights.
It signified the involvement of Indian government in the development of industrial sector.
Industrial growth of a country is guided and regulated through its industrial policies.
Describes the process,need and benefits of privatisation in a developing country ,traces its history in Pakistan and how it has befitted the state and the society.Ends with a suggested strategy of privatisation
Introduction
The industrial policy means the procedures, principles, policies rules and regulations which control the industrial undertaking of the country and pattern of industrialization. It explains the approach of Government in context to the development of industrial sector. In India the key objective of the economic policy is to achieve self-reliance in all sectors of the economy and to develop socialistic pattern of society. The industrial policy in the pre-reform period i.e. before1991 put greater emphasis on the state intervention in the field of industrial development. These policies no doubt have resulted into the creation of diversified industrial structure but caused a number of inefficiencies, distortions and rigidities in the system. Thus during late 70’s and 80’s, Government initiated liberalization measures in the industrial policy framework. The drastic liberalization measures were however, carried out in 1991.
Industrial Policies Prior to 1991
Industrial Policy Resolution, 1948
The first important industrial policy statement was made in the Industrial policy Resolution (IPR), 1948. The main thrust of IPR, 1948 was to lay down the foundation of mixed economy whereby the private and public sector was accepted as important components in the development of industrial economy of India. The policy divided the industries into four broad categories:
(i) Industries with Exclusive State Monopoly: It included industries engaged in the activity of atomic energy, railways and arms and ammunition.
(ii) Industries with Government Control: It included the industries of national importance and so needs to be registered. 18 such industries were put under this category eg. fertilizers, heavy chemical, heavy machinery etc.
(iii) Industries in the Mixed Sector: It included the industries where private and public sector were allowed to operate. Government was allowed to review the situation to acquire any existing private undertaking.
(iv)Industries under Private Sector: Industries not covered by above categories fell in this category.
IPR, 1948 gave public sector vast area to operate. Government took the role of catalytic agent of industrial development. The resolution assigned complementary role to small-scale and cottage industries. The foreign capital which was seen with suspect in the pre-independent era was recognized as an important tool to speedup up industrial development
new industrial policy 1991 is about the changes made in the policy in 1991. this policy is devided into two parts 1 is announced on 24 july 1991 which is concernd with the large scale industres including the middle scale and the second part is announced on 6 august 1991 and concerned with small scale sector............
Industrial policy is an important document that sets the tone in implementing, promoting the regulatory roles of the government.
It was an effort to expand the industrialization and uplift the economy to its deserved heights.
It signified the involvement of Indian government in the development of industrial sector.
Industrial growth of a country is guided and regulated through its industrial policies.
Describes the process,need and benefits of privatisation in a developing country ,traces its history in Pakistan and how it has befitted the state and the society.Ends with a suggested strategy of privatisation
Industrial development; Steps Taken by The Government to Improve Industries i...AleeAkmal
Pakistan Studies Assignment on Industrial Development of Pakistan and Steps taken by the Government to improve industries in Pakistan. A well defined and explained Presentation with relevant media and data. Worked with PowerPoint and added animations and transitions.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Memorandum Of Association Constitution of Company.ppt
Privatisation in pakistan
1. Privatisation in Pakistan
From Wikipedia, the free encyclopedia
The poverty expenditure rate statistically dropped to 34.5%—17.2% in 2008 as part of
the privatization programme.
The Privatization process in Pakistan[1]
(sometimes referred to asDenationalization
programme[2]
or simply the Privatization in Pakistan)[3]
) was a policy measure programme in
the economic period of Pakistan. It was first conceived and implemented by the then-people-
elected Prime Minister Nawaz Sharif and thePakistan Muslim League, in an attempt to enable the
nationalized industries towardsmarket economy, immediately after the economic collapse of Soviet
Union in 1989-90.[4]
The program was envisaged and visioned to improve the GDP growth of the
national economy of Pakistan, and reversal of the nationalization programme in 1970s— an inverse of
the privatization programme.[4]
In the period of 1970s, all major private industries and utilities were put under the government
ownership in an intensified programme, called the nationalization programme that led the economic
disaster in Pakistan. Since then, the demand for denationalization gained currency towards the ending
of the government of Pakistan Peoples Party in 1977, although a commission was set up by General
Zia-ul-Haq government but no denationalization programme began until 1990.
The privatization programme was launched on 22 January 1991[5]
by Prime minister Nawaz Sharif in a
vision to promote free-market economic principles, private-ownership and the mainstream goal to
attract foreign investment in the country.[6]
But, as a result a good deal of the national wealth fell into
the hands of a relatively small group of so-called business oligarchs (tycoons), and the wealth gap
increased dramatically in 1990s that halted the programme by Benazir Bhutto.[6]
Revisions were made
in 1999, and finally launched the much more intensified privatization programme under the watchful
presiding leadership of Prime minister Shaukat Aziz in 2004.[7]
Finally, the programme was ended
effectively at the end of 2007 when ~80%-90% of the industries were put under the management
ofprivate ownership of enterprises by Prime minister Shaukat Aziz.[7]
2. Contents
[hide]
1 Privatization (Spontaneous phase: 1989-1993)
o 1.1 Privatization phase (1993-1999)
o 1.2 Privatization (intensified phase: 1999-2008)
o 1.3 Public perception
o 1.4 Adversary opposition
2 References and Sources
o 2.1 Notes
3 External links
o 3.1 Documentation
4 See also
Privatization (Spontaneous phase: 1989-1993)
[edit]
The privatization programme launched in Punjab which had the higher GDP growth than
any province of Pakistan.
The momentum and demands for denationalization gained currency towards the end of the
government of Prime minister Zulfikar Ali Bhutto and Pakistan Peoples Party who under intensified
their nationalization programme had effectively the government-ownership management in the private
industries of Pakistan; it had built a strong public-sector with priority on cement, steel and fertilizers.
[8]
After the end of government of peoples party, a white paper was issued by General Zia-ul-Haq's
government, followed by setting up the commission under Pakistan Industrial Credit and Investment
Corporation (PICIC) chairman N.M. Ukailie.[4]
However, only three industries were returned to its
rightful owners, namely Eittefaq Group of Industries to Mian Mohammed Sharif whilst others remains
under government controlled.[4]
3. “
Nawaz Sharif lacked Bhutto's
chrisma but he countered Bhutto's
ideology, by imitating him. In
many ways.... he imitated Bhutto
better than Bhutto's own daughter
Benazir.
”
—Tripod Publications, Cited source[4]
As an aftermath of 1988 general elections, Benazir Bhutto and the peoples party returned to power,
promising to denationalized and replace with the industrialization programme by means other than the
state intervention.[9]
But controversially Benazir Bhutto did not carried out the denationalization
programme or liberalization of the economy.[9]
No nationalized units were privatized, few economic
regulations were reviewed.[9]
The partial privatization began to kick off by Chief Ministerof Punjab
Province Nawaz Sharif who presided the liquidation of many industrial units put under provisional
government to private sector.[4]
All industries based on Punjab government ownership were returned to
its rightful owners on a mutual understanding; the prices on units returned to industrialists are still kept
as "top secret" by the provisional government.[4]
Nawaz Sharif.
A large-scale privatization programme was launched on 22 January 1991 as the primary economic
policy by Prime Minister Navaz Sharif who came to national power after securing a flight-winning
victory in the 1990 general elections.[10]
The privatization programme was inspired and influenced in its
nature after witnessing the success of the privatization in Great-Britain byBritish Prime
minister Margaret Thatcher. The first phase of the privatization program covered the half of the public
4. sector industries in terms of total employment,[11]
and the programme was in a direct response to
Pakistan Peoples Party and Zulfikar Ali Bhutto, and for instance Sharif's privatization programme was
swift as nationalization programme.[11]
During the course of first phase, Sharif presided the
denationalization of banking sector and industries to private sector, starting first with MCB limited.
[11]
Sharif termed his privatization programme as "turning Pakistan into a (South) Korea by encouraging
greater private saving and investment to accelerate economic growth.".[12]
The second phase was promulgated by Sartaj Aziz with the goal to transform the enterprises into
profit-seeking businesses, not depended to the government subsidies for their survival. The mega-
energy corporations such as Water and Power Development Authority (WAPDA) andKarachi Electric
Supply Corporations, and the Pakistan Telecommunication Corporation were set off to private sector.
From 1990-93, around 115 industrial units were hastily privatized, including the privatization two major
banks, 68 industrial units and 10% Shares of Sui Northern Gas Pipelines Limited.[12]
The privatization programme came with great surrounding controversies with lacked competition as the
programme was largely controlled by favored insider.[13]
The recklessness and favoritism shown in
privatization of the industrial and banking units by Prime minister Nawaz Sharif was to become the
hallmark and the rise of strong business oligarch who have concentrated enormous assets, further
increasing the wealth gap in Pakistan and contributing to the political instability.[14]
Privatization phase (1993-1999)[edit]
In 1992, the Leader of the Opposition in the Parliament, Benazir Bhutto, vehemently criticized the
whole policy measure program at the public circles.[15]
While Commerce minister Faisal
Hyatt and Finance minister Sartaj Aziz enthusiastically projected the privatization as a "success
phase",[15]
Benazir Bhutto had, with a touch of drama in the state parliament, maintained that
"while one brother was selling, other was buying."[16]
After 1993 general elections, the second phase of the privatization programme began in 1993 under
the "disciplined macroeconomics policy"[17]
of Prime minister Benazir Bhutto.[17]
Her programme aimed
to capitalize on the rising business oligarch class but the programme suffered with great difficulties and
problems even inside the peoples party.[13]
The second phase involves the privatization of financial
institutions, several telecommunications corporations, thermal power plants, oil and gas sectors.
[11]
Benazir's government did not privatize all state corporations, especially those who were collecting
large revenues abroad; only certain industries were privatized which were at the brink of financial
collapse.[15]
The first attempt was made to privatize the United Bank Limited but the proposal met with great
hostility by the workers union and opposition.[18]
Proposals were also made to put the private-
5. ownership to Pakistan Railway but it was rebuffed by Prime minister Benazir Bhutto who quoted:
"Railways privatization will be the "black-hole" of this government. Please never mention the railways
to me again."[15]
The economic growth declined when the US embargo began to bite the government of
Benazir Bhutto.[18]
By the end of 1996, ~20 industrial units, one financial institution, one electric power
plant and 12% shares of Pakistan Telecommunications Ltd. were privatized by Benazir Bhutto.[11]
The second phase remained continued until 1998 when it was abruptly ended by Prime Minister
Nawaz Sharif after imposing economic emergency after ordering to perform capability of nuclear
deterrence in response to Indian nuclear aggression.[19][20]
All stock exchange, stock markets and the
second phase of the privatization programme were immediately halted by Prime minister Nawaz Sharif
until his government was ended in 1999.[19]
Privatization (intensified phase: 1999-2008)[edit]
Shaukat Aziz.
After the end of government of Prime minister Nawaz Sharif, Pervez Musharraf invited Shaukat Aziz to
take the control of declining economy of Pakistan.[21]
The GDP rate had declined from 10.0% in 1980s
to 3.6% in 1999, with foreign debt increased to 44% up as compared to 1986.[21]
Major economic
reforms were introduced by Shaukat Aziz who first consolidated the industries under one platform and
restructured them before setting them to privatization market.[21]
Numbers of controversial sales tex
were enforced by Shaukat Aziz, mostly on import duties; and based on these reforms, patronage-
based industries remained under serious threat and privatization discussion began to take place on
usual based.[21]
Aziz consistently worked on to restructured the industries and provided a vital
leadership andeconomic relief after 2001 also played an important role in strengthening the patronage-
based industries financially and physically.[21]
In 2004, Aziz became Prime minister and initiated an intensified privatization programme in order to
grow the GDP rate annually.[22]
6. Aziz forcefully and aggressively pushed 100% privatization of state-owned corporations while virtually
planned to privatized 85% of banking sector.[23]
Starting from 2003 until 2007, Aziz successfully
privatized 80%[23]
of the banking industry into private-ownership enterprises, while privatizing the
numbers of shares of Pakistan International Airlines and other mega-corporations into the public
circles.[23]
Nothing is sacred... We are packaging up our companies. (....).... These state-owned corporations
(SOEs) have been well-run for the past few years.... and now we are offering them to investors from all
over the world....!
—Shaukat Aziz, 2006, source[23]
The intensified privatization programme led the economic boom of Pakistan's economy
which was at the range of 8.96%-9.0% in 2004.
Intensified privatization policies had major impact on public sector organization which diminished with
the privatization of the state-owned corporations. Prime minister Aziz defended his privatization
programme as he maintained that "these institutions viable while they were on the verge of collapse.".
Aziz's privatization programme subsequently improved the country’s growth rate by 6.4%—8.6% a
year. Inflation rate dropped to 3.5% in last 3 years as against 11-12% in 1990. However in the end of
2007, Aziz's privatization programme suffered a major set back which initially halted the privatization
programme in the country.[24]
The Supreme Court halted the privatization of Pakistan Steel Mills after
transferring the inquiry from FIA to NAB, while issued standing orders to keep the Steel Mills under the
nationalization programme.[25]
The proceedings and Supreme Court's decision initially halted Aziz's
intensified and aggressive privatization programme at the end days of his tenure.[25]
Public perception[edit]
The privatization programme still marks the question of "big" controversies.[26]
In public circles, it has
generated much more heated debates where it is perceived to have more negative impact on civil
society.[26]
The general perception remains highly contentious and polarizing issue in the civil society,
gearing up the negative sentiments among the population, including the continued injection of public
money in many privatized entities and less than expected improvement in the services.[27]
Although,
the programme produced a relatively faster and efficient way of promoting competition and enhancing
growth, on other hand, the programme experienced the exponential increase in unemployment,
7. reducing the access of worker's class to the basic needs of life and contributed in declining the social
status of workers' class in to poor get poorer.[26]
But on other hand, a significant support for privatization programme has been raised in the media. In
an editorial written at the Dawn, it argues that the privatisation programme has been a key "constituent
of structural reform" programmes in both, the developed and developing economies, in order to
achieve greater microeconomic efficiency as oppose to macroeconomics.[28]
Overall, the GDP rate
grows smoothly with privatization programme remains in effect as oppose to nationalization
programme that it had dropped the GDP growth rate of Pakistan, Dawn maintained.[28]
Major proposals
were made to privatized the major and most-profitable industries of Pakistan, namely the Pakistan
Railways (PR) where The Express Tribune argued that the national railways' condition has gotten from
bad to worse under the government-ownership, and only privization programme can save the railways
with the creation of sense of competition that would drive improvement.[29]
Adversary opposition[edit]
Despite its success, the public sector organizations, labor and workers unions remained extremely
hostile towards the privatization programmes.[30]
In 2005, major demonstrations and worker's revolt
took place in Islamabad by the PTCL Workers Unions Action Committee, in an attempt to privatized
the Pakistan Telecommunication Company Ltd (PTCL).[30]
Despite the demonstrations the state-
corporation was privatized by Shaukat Aziz which resulted in workers’ losing their jobs.[30]
In 2012, an unsuccessful attempt was carried out by current government of Pakistan Peoples Party
when the government sought to privatize the mega-state corporations, particularly the power sector;
major nationalized industries such as WAPDA, IESCo, TESCo,PEPCo were proposed by the finance
ministry to privatize the power distribution companies.[31]
Major worker's strike were initiated by the
central labour unions, and after receiving much criticism, his government halted the privatization
programme of energy sector, and nationalized the remaining power sector industries due to public
pressure.[32][33]
The Pakistan Peoples Party's intellectuals remains skeptical about the privatization programme and
targeted the controversial implementation on numerous occasions.[34]
The peoples party maintained
that "an elitist or top-notch educational system" which exceedingly comprises private sector’s foreign
affiliated schools and universities, has built the "sole source" of producing some proficient minds.
While on other hand, the privatized Madrassah system of education has been patronize different sects
of religion, patronize different sects of religion, and further exploited as source of religious extremism
and associated with terrorist outfits and their offshoot.[34]
The private sector education system negative
effects of private sector education and it hashas created a disparity between the rich and the poor.[35]
8. Dr. Professor Athar Maqsood of School of Business of the National University of Sciences and
Technology (NUST), set forward his argumentative thesis that there are two reasons behind why the
privatization has not been successful as was originally perceived are economic reasons and socio-
psychological and political reasons.[36]
In 1990s, the privatized enterprises have laid off employees by
introducing schemes like golden hand shake.[36]
References and Sources