ECC to take futuristic steps to boost the economy

Presently, the country’s economy is not in good condition and the incumbent, on the whole appears to be not in a mood to take significant steps to help it.

However, the Economic Coordination Committee (ECC) of the Cabinet shared some really futuristic decisions that would help in boosting the local economy.

The ECC under the chairmanship of Finance Minister Dr Abdul Hafeez Sheikh approved Rs 6.1 billion for Pakistan Railways for repair of 96 engines besides fixing price of imported urea, levying General Sales Tax (GST) on hydroelectric and power and forming a sub-committee to sort out financial matters relating to Pakistan-Iran gas pipeline project.

Currently, Pakistan Railways is at the edge of virtual fall down and optimistically the huge amount being injected would bring it back on the path of success.

Besides commending the decision of the committee to grant loan to the organization, one should also notice that there is dire need to recognize the real causes of collapse so that truly authentic steps could be taken to improve its working.

Recently, the Supreme Court has been informed that Pakistan Steel Mills (PSM) suffered an astounding loss of Rs 26.5 billion due to corruption and mismanagement only in 12 months.

Similar case is with Pakistan Railways, where there was absolutely no reason for an organization, which has virtual domination in the field, to bear losses when there is no shortage of passengers.

Instead of making improvements, the consecutive governments provided hefty grants and loans to Pakistan Railways. An overwhelming portion of grants is digested by the corrupt officials which is why they are not sensibly utilized for the purpose they are given.

In many cases, the contracts and deals led to an addition of more junk in the corporation, which is famous as white elephant.

Many employees are getting salaries just for doing nothing, as the institution is not only overloaded but is also famous for ghost employees. From booking of passengers and goods to provision of services during travel, there is rampant corruption everywhere.

The need of hour is revolutionary and visionary leadership to steer the Railways out of existing mess and not those who are allegedly interested only in selling of scrap and track.

Short URL: https://www.newspakistan.pk/?p=16018

Posted by Faisal Farooq on Mar 16 2012. Filed under National, Opinion, Pakistan, Society. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.