Latest news with #Rs38
Time of India
09-07-2025
- Climate
- Time of India
Infra Crumbles: Slab of Rs65cr ROB Caves In, Roads Waterlogged
Nagpur: The first major rains of the monsoon exposed glaring faults in Nagpur's infrastructure, with the slab of a newly constructed railway overbridge (ROB) caving in at Kamptee, and widespread waterlogging across the city. Tired of too many ads? go ad free now While thousands of crores have been spent on developing roads, flyovers, and other infrastructure, heavy rains over the past three days laid bare the poor quality of work and planning. The most serious incident occurred at Yadav Nagar-Gawlipura in Kamptee, where the tar road of a newly built ROB caved in before the structure could even be inaugurated. A video showing the collapsed section quickly went viral on social media, triggering outrage and raising questions over the integrity of public infrastructure projects. T he ROB was constructed by the special projects division of the state public works department (PWD). Parag Themke, executive engineer of PWD, said, "The flyover received administrative approval of Rs65 crore. Abhi Engineering bagged the Rs38 crore civil tender for the project. I learnt about the incident and have directed the contractor to give me a detailed report about the issue and carry out repair work soon." The incident raised red flags about not only the quality of construction but also the level of supervision and accountability in such high-value projects. Meanwhile, TOI visited spots across the city on Wednesday and found several arterial and internal roads under knee-deep water. South Nagpur, Hudkeshwar, South-West Nagpur, East Nagpur, and even parts of rural Besa-Pipla witnessed major waterlogging, rendering many areas inaccessible and exposing citizens to danger. Tired of too many ads? go ad free now "The road was concretised in my area recently and its height was raised, which led to water flooding in my home. Many other roads, including big ones, which were recently concretised, have also been waterlogged. This raised serious concerns about the quality of work govt agencies are doing," said Mukul Dubey, a resident of Hudkeshwar. In several areas, newly built roads failed to drain rainwater effectively, pointing to design flaws in elevation and drainage. Locals reported repeated complaints to civic authorities, but little was done to fix the systemic problems. Currently, Nagpur's infrastructure projects are being handled by a host of agencies, including Nagpur Municipal Corporation (NMC), Nagpur Improvement Trust (NIT), public works department (PWD), National Highways Authority of India (NHAI), and MahaRail. While MahaRail and NHAI are working on ROBs, RUBs, and highway projects, the rest are involved in road concretisation across the city. The situation renewed public anger and concern over how public money is being utilised. Despite tall claims of city development, Nagpur's infrastructure seems to be crumbling with the very first test of the monsoon. Box: PWD's Pump and Sump Arrangement at Padole Sq Fails The World Bank division of PWD recently built a dedicated pump house to resolve long-standing waterlogging issues on Inner Ring Road between Raje Sambhaji Nagar Square and Padole Hospital. However, the measure once again failed as heavy waterlogging was reported on Wednesday, forcing authorities to close the stretch for traffic. Motorists were forced to endure two-way traffic on a single side of the road, leading to traffic snarls.
Express Tribune
30-06-2025
- Business
- Express Tribune
Departmental spending exceeds budget
Despite a projected budget deficit exceeding Rs38 billion for the upcoming financial year, most Sindh government departments have shown little willingness towards effectively controlling expenditures. Budget documents have revealed that several departments have overspent their allocated budgets during the current fiscal year, with additional expenses mostly attributed to non-productive categories such as fuel, operational costs, and allowances. Among the major over spenders, the Sindh Assembly Secretariat used Rs871 million against an allocation of Rs760 million, with Rs371 million spent on fuel alone. The Chief Minister's House exceeded its budget of Rs1.32 billion by spending Rs1.63 billion. The Anti-Corruption Department went beyond its allocation of Rs1.65 billion and spent over Rs2 billion. Similarly, the Energy Department, allocated Rs62.4 billion, ended up spending Rs68.2 billion. The Transport Department recorded the highest overspending. Against an allocation of Rs7.61 billion, it spent Rs11.03 billion, reportedly due to the procurement of new buses for Karachi. Similarly, the Education Works Department, responsible for construction and maintenance of school buildings, spent Rs10.21 billion, which is Rs2 billion more than its allocation of Rs8.2 billion. Likewise, the Board of Revenue also exceeded its allocation of Rs8.94 billion slightly, spending Rs9.10 billion. The Local Government Department overspent by Rs2 billion as well. Critics have argued that most of these excesses are unnecessary and avoidable, primarily related to perks and fuel allowances. Tighter administrative controls and meaningful legislative debate could significantly reduce wasteful spending. According to Dr Ikramul Haq, an economist, if the federal government provided Sindh with its full share under the National Finance Commission (NFC) award, Sindh government might not even need to incur additional expenditures. "This time as well, the federal government has given Rs250 billion less to Sindh, Provinces including Sindh prepare their budgets based on projected income for the coming year, which includes funds expected from the federal government. When the federal government does not provide provinces with their due share, the provinces are inevitably forced to make additional expenditures," explained Dr Haq. It is worth noting that during the current fiscal year, which ends on June 30, Sindh's government departments incurred an additional expenditure of Rs156 billion. The Sindh government recently had this amount approved as a supplementary budget by the Sindh Assembly. Among Deputy Commissioners (DCs), the most notable overspending was reported in Umerkot, Thatta, Qambar Shahdadkot, Mithi, Matiari, and Sanghar. For instance, DC Umerkot spent Rs140 million against a Rs116 million allocation, and DC Thatta spent Rs165 million against a Rs148 million budget. According to a senior official from the Sindh Finance Department, many government institutions habitually overspend, and the Finance Department incorporates these figures into supplementary budgets, which are then approved by the Sindh Assembly, often without much scrutiny. "In the aftermath of the 18th Amendment, with a higher share from the National Finance Commission (NFC), provinces like Sindh have gained financial autonomy, reducing central oversight and enabling such expenditures with little resistance," said the official. Journalist Muneer Saqi, who has long reported on Sindh Assembly proceedings, noted that, in principle, these additional expenditures should be debated in the Assembly. "In practice, however, the ruling party uses its majority to get them approved along with the annual budget, side-lining accountability," claimed Saqi. The problem of overspending, however, is not limited to provincial departments since divisional and district administrative offices are also reporting significant budget overruns.
Express Tribune
25-06-2025
- Business
- Express Tribune
PSX soars as Middle East tensions ease
Listen to article Pakistan Stock Exchange (PSX) skyrocketed over 6,000 points on Tuesday as US President Donald Trump announced a ceasefire between Israel and Iran, bringing an end to regional hostilities. The benchmark KSE-100 index surged at the open, where bullish momentum drove it to the intra-day high of 122,725, up 6,557 points. As the session progressed, investor confidence strengthened, culminating in the KSE-30 index hitting its upper circuit breaker, a rare and historic moment that sent a wave of excitement. Market activity was further buoyed by renewed macroeconomic optimism, including news of Pakistan's plans to secure $3.3 billion in external financing from Chinese banks. Trading activity was robust, with 805 million shares changing hands valuing at Rs38 billion. At the end of trading, the KSE-100 index recorded an increase of 6,079.17 points, or 5.23%, and settled at 122,246.64. Arif Habib Limited (AHL) Deputy Head of Trading Ali Najib commented that regional peace ignited a rally at the PSX, which posted the second-highest surge of over 6,000 points in a day. The KSE-100 ended trading at 122,247 points by easily crossing the psychological barrier of 120,000. Earlier, the bourse opened on a strong note with an increase of over 4,000 points post-ceasefire between Iran and Israel. There was across-the-board stock buying, which lifted the benchmark index to the high of 122,725 in intra-day trading, he said. On the macro front, Najib pointed out, Pakistan plans to secure $3.3 billion via syndicated and refinanced commercial loans from Chinese banks, potentially boosting forex reserves to over $14 billion. "Now, all eyes are on the 130,000 index level by month end." Topline Securities, in its review, said that the local bourse opened with a bang as investors cheered the breakthrough ceasefire agreement between Israel and Iran, which brought a welcome pause to rising geopolitical tensions in the region. Riding on a wave of optimism, the KSE-100 index surged at the commencement of proceedings, clocking in an eye-popping 4,202-point jump. The bullish momentum intensified as the session progressed, culminating in a historic moment, when the KSE-30 index hit its upper circuit breaker, it said. The KSE-100 reached the intra-day high of 6,557 points, before settling at 122,247, up a whopping 6,079 points, or 5.23%. The brokerage house called it a remarkable session that reflected renewed investor confidence and the return of broader risk-on sentiment. Top contributors to the index were Lucky Cement, Engro Holdings, UBL, Pakistan Petroleum and Oil and Gas Development Company (OGDC), which collectively added 1,795 points. Pakistan State Oil (Rs2.4 billion), OGDC (Rs1.98 billion), Pakistan Petroleum (Rs1.62 billion), Lucky Cement (Rs1.60 billion) and DG Khan Cement (Rs1.49 billion) dominated in terms of traded value, signalling strong interest in key blue-chip and mid-cap names, Topline added. In its commentary, Arif Habib Limited (AHL) noted that diplomatic resolution to the Middle East conflict triggered a sharp rally in risk assets globally. At the PSX, 96 shares rose while two fell on the KSE-100. Earlier, trading was halted following a 5% rise for the index. Lucky Cement (+9.4%), Engro Holdings (+7.85%) and UBL (+4.29%) contributed the most to index gains, AHL observed. "Pakistan is aiming to secure $3.3 billion in two foreign loans – one a syndicated loan and the other refinancing of commercial loans – from Chinese banks. This will take State Bank's forex reserves above $14 billion in FY25," it said. "With the KSE-100 regaining its hold on the 120,000 range, 130,000 points comes back into focus." According to JS Global analyst Mubashir Anis Naviwala, the PSX soared as ceasefire in the Middle East triggered a buying spree. "Just seconds after the market halt ended, the KSE-100 index surged over 6,500 points, sparking widespread euphoria," he said. Bullish sentiment dominated the entire session, pushing the index to the intra-day high of 122,725. Investors jumped in across sectors, encouraged by signs of geopolitical de-escalation. "Near-term outlook remains positive, with fresh opportunities in cement, banking and fertiliser sectors," the analyst added. Overall trading volumes increased to 804.8 million shares compared with Monday's tally of 595 million. The value of shares traded was Rs37.6 billion. Shares of 477 companies were traded. Of these, 407 stocks closed higher, 35 fell and another 35 remained unchanged. WorldCall Telecom was the volume leader with trading in 65.4 million shares, gaining Rs0.11 to close at Rs1.46. It was followed by K-Electric with 54.3 million shares, gaining Rs0.35 to close at Rs5.24 and Cnergyico PK with 37.9 million shares, gaining Rs0.53 to close at Rs7.16. During the day, foreign investors sold shares worth Rs418 million, the National Clearing Company reported.
Express Tribune
20-06-2025
- Politics
- Express Tribune
90% allocated to rural Sindh: MQM-P
The fourth day of general debate on provincial budget continued in the Sindh Assembly with Deputy Speaker Anthony Naveed in the chair on Thursday. The attendance of government and opposition members in the House was extremely low, indicating a general lack of interest in the budget debate. Rehan Akram of MQM-P stated that in its seventeenth budget, the Sindh government once again allocated 90 per cent of the schemes to rural Sindh. He alleged that the Anti-Corruption Department has become a department of corruption. He claimed that the Sindh government has effectively turned corruption into an industry. He also highlighted the water crisis and sewerage problems in his constituency. Environment Adviser Dost Muhammad Rahimoon said, planting more trees is need of the hour for environmental improvement. MQM-P's Muhammad Daniyal said, our proposals were not included in the budget in the pre-budget session of the Sindh Assembly. There is no drinking water in the city and the mayor claims to wash the streets with 'rose water'. Provincial Minister for Labour Shahid Thaheem drew attention of the house towards severe load shedding in the province where the power utilities increase outage times by two hours if complaints are lodged. He mentioned that although gas has been discovered near Shahdadpur, gas is not supplyied to the area. He demanded an increase in hospital funding. Mahesh Kumar of MQM-P said the budget lacks schemes that would allow the minority community to play a role. He demanded interest-free loans for minorities to help them start businesses. Dr Fauzia Hameed called the budget a budget of destruction. She said it may benefit a few families, but offers nothing for the public. She emphasised that Sindh's resources should be spent on its people. She questioned why the CM holds so many ministries, asking whether there are no other capable individuals. Jameel Soomro of PPP said, opposition always terms the budget anti-people, even though many taxes have been abolished in the current budget. Provincial Minister for Women's Development Shaheena Sher Ali said small loans will be given to women for small businesses. PPP's Ismail Rahoo pointed out water shortages and other public issues in his constituency. PTI's Rehan Bandukda mentioned water crisis in his constituency and said that Karachi has become the world's fourth worst city to live in. Najam Mirza of MQM-P said that discussion must be focused on the budget instead of praising the leadership. He described the budget as salt on the wounds of the people. Special Assistant for Public Health Engineering Saleem Baloch said, water scarcity is a critical issue. Last year, 29 schemes were completed, and 34 new ones have been added this year. PTI's Rehan Rajput said in his speech that the Sindh government proudly presented a budget with a Rs38 billion deficit. He claimed that 80 per cent of the budget is spent on just a few departments, which is wrong. PPP's Mumtaz Jakhrani said that a large number of teachers have been recruited in Sindh, and that NICVD centres are present at every divisional headquarters. He said Rescue 1122 now operates from Karachi to Kashmore and that no one serves the people like PPP. Senior minister Sharjeel Memon told the Deputy Speaker that a few words spoken during the debate on Thursday should not have been said on the floor. He requested that remarks about chief minister should be removed. MQM's Muhammad Rashid Khilji praised Sharjeel Memon's work against drug trafficking and questioned why the Excise Ministry was taken from him. The Sindh Assembly session was adjourned until 10am on Friday.
Business Recorder
23-05-2025
- Business
- Business Recorder
Gold prices plunge
KARACHI: Gold prices on Thursday took a big plunge, reflecting the global bullion market's bearish trend, sinking under $3,300 per ounce, traders said. World's fluctuating bullion market lost $19 to rest at $3,291 per ounce, scaling down the local gold prices by Rs1,900 per tola and Rs1,629 per 10 grams. The sizeable drop pushed back the gold prices to Rs347,500 per tola and Rs297,925 per 10 grams, according to All Pakistan Sarafa Gems and Jewellers Association. Domestic silver prices fell by Rs38 and Rs33, dropping to Rs3,428 per tola and Rs2,938 per 10 grams, respectively. The global silver prices stood at $33 per ounce, the association added. Copyright Business Recorder, 2025
