Privatization is not a new phenomenon in Pakistan. Simply privatization in Pakistan was a program of policy measures in the economic period of Pakistan. It was first conceived and implemented by then popularly elected Prime Minister Nawaz Sharif and the Pakistan Muslim League, in an attempt to allow nationalized industries to transition to a market economy, soon after the economic collapse of the Soviet Union in 1989 -90. The program was designed and modified to improve the GDP growth of Pakistan's national economy and to reverse the nationalization program in the 1970s, a reversal of the privatization program. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original EssayAccording to Hakro & Akram, (2009) The privatization process began in the late 1980s in Pakistan with a clear mission statement: “Privatization is expected to promote competition, ensuring greater capital investment, competitiveness and modernization , resulting in improved employment and provision of better quality products and services to consumers and reduced tax burdens.” The success of the process is widely debated: economists offer several arguments in favor of relocating government-run and parastatal companies. to the private sector. Other economists believe that this may not happen for a number of reasons. Privatization struggles in Pakistan began in 1988 with different policies January 1991 that the privatization step was begun. Although the PC decision was primarily limited to industrial transactions, in November 1993 it expanded to include energy (power, oil and gas), transportation (aviation, railways, ports and shipping). ), telecommunications, banking and insurance (commercial banks, financial development, insurance companies) etc. 66 units privatized between 1991 and 1994. By the end of 1997, the total had risen to 92, while by the end of 2004; the number stood at 121 and on August 12, 2006, the number had reached 161. Since 1990, Pakistan has sold 167 state-owned enterprises (SOEs) at a price of around 476 billion rupees. The first phase of privatization in 1992-96 involved the partial privatization of banks; this was followed by the second phase (1997-2000), which led to the complete privatization of the banking sector. And the last phase of privatization, from 2001 to 2008, saw the sell-off of the non-banking sectors. Previous privatization measures caused greater unemployment and market monopoly. And the sectors which had been privatized were totally transferred by the government to a few selected families, who have controlled the economy since the founding of Pakistan. Currently, the government has made many reports and feasible plans in an attempt to privatize state-owned enterprises. The sectors that have come into focus for the new phase of privatization policy in 2013 are PIA, Pakistan Steel Mills (PSM) and public sector power projects including Pakistan Transmission and Dispatch Company (PTDC). However, the sale of 26% of PIA shares is also part of the new phase of privatization policy (2013). This is the so-called fourth phase of privatization since privatization was started in Pakistan (1990). The government firmly maintains that the new round of privatization in 2013 will not only overcome the fiscal deficit, along with pure economic growth and development, but will provide asylum to employees, working in those sectors that can certainly be part of the privatization policy. mind:.
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