Business
Industrial zone on PSM land planned | The Express Tribune

ISLAMABAD:
The government on Wednesday decided to establish a new industrial estate on the land of the closed Pakistan Steel Mills (PSM) and also sanctioned the diversion of Rs2.9 billion in publicity funds for the upgradation of an English news channel operated by the Pakistan Television Corporation (PTV).
The decisions were taken by the Economic Coordination Committee (ECC) of the Cabinet, which met under the chairmanship of Finance Minister Muhammad Aurangzeb. The ECC approved the establishment of the industrial estate on 3,200 acres of PSM land by changing its designated use from steel mills to industrial. The decision followed discussions with the Sindh government and deliberations in the apex committee of the Special Investment Facilitation Council (SIFC).
The ECC also rescinded its two-and-a-half-year-old decision banning the lease of PSM land to any industry, organisation, group, or individual, a move aimed at facilitating the development of the new industrial estate over the 3,200 acres. The government is also attempting to revive the closed PSM with assistance from Russia. Last month, Special Assistant to the Prime Minister (SAPM) on Industries Haroon Akhtar Khan visited Russia and held talks on the mill’s revival. According to Khan, the Russians expressed willingness to finance and conduct a feasibility study for the project.
The matter of pricing PSM land remains open, although the SIFC has already instructed that instead of selling land for industrial purposes, the concerned entities should issue licenses, a step that would substantially reduce costs for setting up new factories.
The ECC directed the Board of Investment (BOI) to develop clear criteria and terms and conditions for the allotment of land to industrial units and private developers for the establishment of the industrial estate within one month.
The government maintains that the industrial estate should not be developed using taxpayers’ money and that private developers should be engaged instead.
PSM owns about 19,013 acres of land in Karachi. Of this, 6,409 acres are available for setting up an industrial estate. However, the Sindh government has stated that establishing such an estate would require a change in land use from steel mills to industrial.
The Ministry of Industries informed the ECC that Pakistan’s regional competitors are offering a wide range of incentives to attract investment in the manufacturing sector, extending far beyond the provision of land at subsidised rates. Furthermore, comparatively higher costs of energy, power, and taxes constitute major impediments that could be offset by granting land through licenses.
The ministry also noted that the PSM has accrued liabilities of around Rs400 billion and that land remains the primary source to offset these. Since the current proposal does not involve transferring ownership of the land, the option to leverage it to offset PSM liabilities at an appropriate stage would remain intact, it added.
The ECC also approved a supplementary grant of Rs2.9 billion for upgrading PTV World, the English news channel owned by the state-run PTV Corporation. The decision was influenced by the context of the India-Pakistan war.
Both military and civilian authorities believe the country requires more English-language channels to convey the state’s narrative to foreign audiences and the diplomatic corps in Pakistan. The Rs2.9 billion will be used to modernise PTV World’s infrastructure, enhancing its capacity for high-quality national and international broadcasting, the ECC was informed.
The Ministry of Information told the ECC that, through its special wartime transmissions, PTV World had made a vital contribution to safeguarding national and ideological interests, boosting public morale, and projecting the courage and professionalism of Pakistan’s Armed Forces on the international stage.
Based on this experience, the PTV Corporation emphasised the urgent need to upgrade and modernise PTV World’s infrastructure to meet the demands of emerging broadcast technologies. However, due to severe financial constraints and limited internal resources, the corporation cannot undertake this initiative independently. The government has decided to divert Rs2.9 billion from the Rs5 billion allocated in the budget for government publicity and advertisement expenditure. The finance ministry also agreed to reallocate the funds from the publicity budget.
The finance ministry stated that the ECC had sanctioned Rs2.9 billion for the upgradation of its English news channel to improve broadcast quality and expand outreach to global audiences. The ECC further urged the ministry to develop a comprehensive business plan to make the channel self-sufficient and financially sustainable, thereby reducing dependence on federal grants in the future. The ECC also approved the removal of the requirement for Health Quarantine Certificates on the import and export of leather, a step aimed at facilitating the leather industry and enhancing its competitiveness in international markets, according to a Ministry of Finance announcement after the meeting.
The committee additionally approved a supplementary grant for the Ministry of Climate Change and Environmental Coordination for the current financial year 2025-26, enabling the ministry to strengthen initiatives for environmental protection and climate resilience through participation in the upcoming 30th Session of the Conference of Parties (COP-30) to be held in Brazil later this year.
Business
Trade talks: India, EU wrap up 14th round of FTA negotiations; push on to seal deal by December – The Times of India

India and the 27-nation European Union (EU) have concluded the 14th round of negotiations for a proposed free trade agreement (FTA) in Brussels, as both sides look to resolve outstanding issues and move closer to signing the deal by the end of the year, PTI reported citing an official.The five-day round, which began on October 6, focused on narrowing gaps across key areas of trade in goods and services. Indian negotiators were later joined by Commerce Secretary Rajesh Agrawal in the final days to provide additional momentum to the talks.During his visit, Agrawal held discussions with Sabine Weyand, Director General for Trade at the European Commission, as both sides worked to accelerate progress on the long-pending trade pact.Commerce and Industry Minister Piyush Goyal recently said he was hopeful that the two sides would be able to sign the agreement soon. Goyal is also expected to travel to Brussels to meet his EU counterpart Maros Sefcovic for a high-level review of the progress made so far.Both India and the EU have set an ambitious target to conclude the negotiations by December, officials familiar with the matter said, PTI reported.Negotiations for a comprehensive trade pact between India and the EU were relaunched in June 2022 after a hiatus of more than eight years. The process had been suspended in 2013 due to significant differences over market access and tariff liberalisation.The EU has sought deeper tariff cuts in sectors such as automobiles and medical devices, alongside reductions in duties on products including wine, spirits, meat, and poultry. It has also pressed for a stronger intellectual property framework as part of the agreement.For India, the proposed pact holds potential to make key export categories such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery more competitive in the European market.The India-EU trade pact talks span 23 policy chapters covering areas such as trade in goods and services, investment protection, sanitary and phytosanitary standards, technical barriers to trade, rules of origin, customs procedures, competition, trade defence, government procurement, dispute resolution, geographical indications, and sustainable development.India’s bilateral trade in goods with the EU stood at $136.53 billion in 2024–25, comprising exports worth $75.85 billion and imports valued at $60.68 billion — making the bloc India’s largest trading partner for goods.The EU accounts for nearly 17 per cent of India’s total exports, while India represents around 9 per cent of the bloc’s overall exports to global markets. Bilateral trade in services between the two partners was estimated at $51.45 billion in 2023.
Business
Indias Real Estate Equity Inflows Jump 48 Pc In Q3 2025: Report

NEW DELHI: Equity investments in India’s real estate sector jumped 48 per cent year-on-year to $3.8 billion in the July-September period (Q3), a report said on Friday. This growth in inflow was primarily fuelled by capital deployment into land or development sites and built-up office and retail assets, according to the report by real estate consulting firm CBRE South Asia.
In the first nine months of 2025, the equity investments increased by 14 per cent on-year to $10.2 billion — from $8.9 billion in the same period last year.
The report highlighted that land or development sites and built-up office and retail assets accounted for more than 90 per cent of the total capital inflows during Q3 2025.
On the category of investors, developers remained the primary drivers of capital deployment, contributing 45 per cent of the total equity inflows, followed by Institutional investors with a 33 per cent share.
CBRE reported that Mumbai attracted the highest investments at 32 per cent, followed by Pune at around 18 per cent and Bengaluru at nearly 16 per cent.
Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East and Africa, CBRE, said that the healthy inflow of domestic capital demonstrates the sector’s resilience and depth.
“In the upcoming quarters, greenfield developments are likely to continue witnessing a robust momentum, with a healthy spread across residential, office, mixed-use, data centres, and I&L sectors,” he added.
In addition to global institutional investors, Indian sponsors accounted for a significant part of the total inflows.
“India’s ability to combine strong domestic capital with global institutional participation will remain a key differentiator in 2026 and beyond,” added Gaurav Kumar, Managing Director, Capital Markets and Land, CBRE India.
CBRE forecasts a strong finish for the investment activity in 2025, fuelled by capital deployment into built-up office and retail assets.
For the office sector, the limited availability of investible core assets for acquisition indicate that opportunistic bets are likely to continue gaining traction, the report noted.
Business
EY and Microsoft launch AI skills passport: Free program to train youth in AI; focus on career growth – The Times of India

EY and Microsoft on Saturday launched the AI Skills Passport, a free online learning initiative aimed at equipping Indian students and early-career professionals with essential artificial intelligence (AI) skills. The program targets individuals aged 16 and above and is designed to bridge the country’s growing AI skills gap, according to an EY statement, ANI reported.Part of a global effort that has already engaged over 40,000 participants worldwide, the AI Skills Passport offers self-paced learning modules spanning around 10 hours, available in both English and Hindi. The curriculum covers AI fundamentals, responsible AI, and practical applications across sectors including healthcare, finance, and technology. Participants also receive guidance on job readiness, including resume tips, interview support, and networking insights.Learners who complete the program are awarded a verifiable digital badge, enhancing their professional profiles. The initiative is part of EY Ripples, EY’s global corporate responsibility programme, and will partner with not-for-profit organisations to ensure students from economically weaker backgrounds have access to mentorship, learning, and career guidance.Monesh Dange, Partner and Leader, Alliances and Ecosystems, EY India, said, “In an era where AI is revolutionising work, the AI Skills Passport addresses India’s urgent need for skilled talent. Together with Microsoft, we aim to ensure the program is accessible and impactful at scale.”Bhaskar Basu, Enterprise Partnerships Leader, Microsoft India & South Asia, added, “AI is transforming India’s digital economy, and youth are at its core. The AI Skills Passport brings high-quality AI learning to everyone, accelerating Microsoft’s goal to equip 10 million Indians with AI skills by 2030.”
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