Pakistan witnesses significant growth in IT sector

A recent Economic Survey Report has indicated significant growth in Pakistan's IT sector exports, reaching $2.283 billion. This surge underscores the increasing global demand for Pakistani IT services and the sector's pivotal role in bolstering the national economy.

Additionally, the report highlights the contributions of IT freelancers, with remittances recorded at $35 million, showcasing their importance in driving the sector forward.

The survey also notes a considerable rise in broadband and telecom users nationwide, with broadband users reaching 135 million and telecom users totaling 194 million.

In a recent development, the federal government has proposed a substantial 357 percent increase in the budget for the IT sector in the fiscal year 2024-25. According to sources, the Ministry of IT is slated to receive Rs 27.43 billion in the development budget, earmarking Rs 6.28 billion for 15 new projects.

Furthermore, the proposed budget allocates Rs 21.15 billion for ongoing projects and Rs 3.5 billion for the Digital Economy initiative. Notable allocations include Rs 1 billion for IT industry innovation, Rs 50 million for digitalization of the national assembly, and Rs 300 million for smart office projects in government departments.

Moreover, the budget proposes Rs 9.92 billion for the Islamabad Technology Development Park and Rs 6.78 billion for the establishment of an IT park in Karachi. Additionally, it includes a provision of Rs 1 billion for the Cybersecurity Fund for the Digital Pakistan project.