The Punjab Assembly has passed the Punjab Sahulat Bazaars Authority Act, transforming the Punjab Model Bazaars Management Company (PMBMC) into a statutory authority in what officials described as a first in the province’s governance.
For the first time, a government-owned company has been elevated to the status of an authority without being dissolved. The move ensures that assets, staff, programmes and liabilities continue without interruption.
At the centre of the development was Naveed Rafaqat Ahmad, who led PMBMC as chief executive officer. Following the passage of the law, he was appointed Additional Director General for headquarters, finance and strategic planning of the new authority. Officials credited him with steering both the technical and legislative processes that made the transition possible.
Observers said the move reflected rare policy confidence in the public sector. Unlike many welfare companies dependent on subsidies, PMBMC under Naveed’s leadership achieved financial independence.
RELATED
The company shifted from a deficit of Rs14.31 million in 2015–16 to a surplus of Rs14.62 million in 2023–24. In the same period, revenues surged to Rs1.545 billion, a growth of nearly 3,900%.
The authority has also introduced digital services, including home delivery, to expand beyond the traditional market structure. The initiatives have positioned it as both a stabiliser for consumer prices and a platform for entrepreneurship.
Analysts said the passing of the Punjab Sahulat Bazaars Authority Act in 2025 marked a milestone in the province’s administrative history. The authority is seen as financially independent, socially inclusive and legally permanent, with potential to influence future public-sector reforms.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ