KARACHI, March 26: Privatisation is detrimental to the country’s economic growth and progress and, as such, the new government must reverse the privatisation policy and first of all undo the privatisation of the KESC which has led to the worst-ever power crisis in Karachi, the economic hub of the country.

This was the consensus view of the speakers at a seminar held on Wednesday under the auspices of the Jamaat-i-Islami at its office, Idara Noor-i-Haq, on “Privatisation of KESC, load-shedding and power crisis”. It was presided over by JI Naib Amir Prof Ghafoor Ahmad.

The speakers included known economist Shahid Hasan Siddiqui, ex-KCCI president Majid Aziz, PBF chief Mian Tanveer Magoon, JI city chief Mohammad Hussain Mehanti, representative of small traders Mehmood Hamid and chairman of the Anti-nijkari Forum Afif Alvi.

In his remarks, Prof Ghafoor said that although successive governments did set up institutions for accountability, no one was punished for causing colossal losses to the exchequer.

Shahid Hasan Siddiqui said that after 9/11, the country’s economy was handled in a manner as if it was the personal economy of feudal lords, tycoons or big gamblers who never favoured industrialisation.