in privatisation of the industrial and banking units by Prime minister Nawaz Sharif was to become the hallmark and the rise of strong business oligarch who have concentrated enormous assets, further increasing the wealth gap in Pakistan and contributing to the political instability. Privatisation phase (1993–1999) In 1992, the Leader of the Opposition in the Parliament, Benazir Bhutto, vehemently criticised the whole policy measure programme at the public circles. While Commerce minister Faisal Hyatt and Finance minister Sartaj Aziz enthusiastically projected the privatisation as a "success phase", Benazir Bhutto had, with a touch of drama in the state parliament, maintained that "while one brother was selling, other was buying." After 1993 general elections, the second phase of the privatisation programme began in 1993 under the "disciplined macroeconomics policy" of Prime minister Benazir Bhutto. Her programme aimed to capitalise on the rising business oligarch class but the programme suffered with great difficulties and problems even inside the peoples party. The second phase involves the privatisation of financial institutions, several telecommunications corporations, thermal power plants, oil and gas sectors. Benazir's government did not privatize all state corporations, especially those who were collecting large revenues abroad; only certain industries were privatised which were at the brink of financial collapse. The first attempt was made to privatise the United Bank Limited but the proposal met with great hostility by the workers union and opposition. Proposals were also made to put the private-ownership to Pakistan Railways but it was rebuffed by Prime minister Benazir Bhutto who quoted: "Railways privatisation will be the "black-hole" of this government. Please never mention the railways to me again." The economic growth declined when the US embargo began to bite the government of Benazir Bhutto. By the end of 1996, ~20 industrial units, one financial institution, one electric power plant and 12% shares of Pakistan Telecommunications Ltd. were privatised by Benazir Bhutto. The second phase remained continued until 1998 when it was abruptly ended by Prime Minister Nawaz Sharif after imposing economic emergency after ordering to perform capability of nuclear deterrence in response to Indian nuclear aggression. All stock exchange, stock markets and the second phase of the privatisation programme were immediately halted by Prime minister Nawaz Sharif until his government was ended in 1999. Privatisation (intensified phase: 1999–2008) After the end of government of Prime minister Nawaz Sharif, Pervez Musharraf invited Shaukat Aziz to take the control of declining