Pakistan witnesses significant growth in IT sector

Pakistan, witnesses, significant growth, IT sector, budget 2024

ISLAMABAD: Pakistan has seen a surge in the number of registered Information Technology (IT) companies, with the total reaching 20,000, ARY News reported on Tuesday.

According to a recent Economic Survey Report, Pakistan witnessed substantial growth in exports of the IT sector, amounting to $2.283 billion.

This surge in exports highlighted the growing demand for Pakistani IT services worldwide and the sector’s contribution to the national economy.

The report further recorded the remittances from IT freelancers at $35 million, showcasing the role of freelancers in the IT sector.

The survey report also reveals a substantial increase in broadband and telecom users across the country with the broadband users reached at 135 million while the telecom users has grown to 194 million.

Earlier this week, the federal government has proposed a significant increase of 357 percent in the budget 2024-25 for the IT sector.

According to sources, the Ministry of IT has been allocated Rs 27.43 billion in the development budget, with Rs 6.28 billion for 15 new projects.

READ: Federal budget 2024-25 likely to be presented on June 12

The government has also proposed allocating Rs 21.15 billion for ongoing projects and Rs 3.5 billion for the Digital Economy initiative.

Other notable allocations include Rs 1 billion for innovation in the IT industry, Rs 50 million for the national assembly’s digitalization, and Rs 300 million for smart office projects in government departments.

The government has also proposed allocating Rs 9.92 billion for the Islamabad Technology Development Park and Rs 6.78 billion for the establishment of an IT park in Karachi. The budget also includes a proposal for Rs 1 billion for the Cybersecurity Fund for Digital Pakistan project.



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