Pakistan’s IT Sector Booming: Exports Up, Budget Boost Expected

Excellent news for Pakistan’s IT sector. According to a recent poll, IT exports have increased significantly, hitting $2.283 billion. This spike indicates rising global demand for Pakistani IT services, as well as the sector’s importance to the country’s economy.

The report also recognizes the role of IT freelancers. Remittances from these freelancers totaled $35 million, demonstrating their expanding significance.

Technology use is also on the rise in Pakistan. The number of broadband customers has increased dramatically to 135 million, while the overall number of telecom subscribers has reached 194 million. This indicates that the country’s demand for internet connectivity is increasing.

To help drive this growth, the government has proposed a considerable budget boost for the IT sector in 2024-25. This budget is 357 percent larger than the prior year!

So, where is all the money going? The Ministry of IT is scheduled to receive a significant portion of the budget, with Rs 27.43 billion set aside for growth. This includes Rs 6.28 billion set aside for 15 new initiatives aimed at bolstering the IT sector.

The government is likewise keen to fund ongoing projects, allocating Rs 21.15 billion, while the “Digital Economy” initiative receives Rs 3.5 billion.

Looking at specific allocations, Rs 1 billion is set aside to promote innovation in the IT industry. In addition, Rs 50 million would be utilized to digitize the National Assembly, and Rs 300 million will be spent on building “smart office” projects in government ministries.

The projected budget also makes major investments in infrastructure. The Islamabad Technology Development Park has been granted Rs 9.92 billion, while an IT park in Karachi will be established with Rs 6.78 billion. Cybersecurity is also a priority, with Rs 1 billion allocated to the “Cybersecurity Fund for Digital Pakistan” initiative.

Overall, the proposed budget increase demonstrates the government’s commitment to supporting Pakistan’s IT sector. With continuous export growth, increased digital usage, and major government investment, Pakistan’s tech industry has a promising future!