In April, Pakistan’s IT exports, witnessing a staggering increase of sixty-two point three percent (62.3%) compared to the same period last year, as per a recent report by ARY News.

The boost in IT exports directly attributed to the proactive policy reforms and business-friendly initiatives spearheaded by the Special Investment Facilitation Council (SIFC), according to a freshly released BBC report.

Central to this surge is the stability of the local currency and the pivotal decision to permit freelancers to channel their foreign earnings into local bank accounts. Moreover, the State Bank of Pakistan’s move to enhance the retention limit for IT companies from thirty-five to fifty percent has further fueled this upward trajectory.

The IT sector stands as a paramount focus area for the Special Investment Facilitation Council, with concerted efforts made to engage all stakeholders in fostering its growth.

A notable driving force behind this surge is the contribution of over twenty-five thousand IT graduates and freelancers who have actively generated revenue from foreign enterprises, thereby significantly boosting foreign exchange reserves.

In a development earlier today, sources disclosed that the federal government has proposed a substantial increase of 357% in the budget allocated for the IT sector in the fiscal year 2024-25.

Under the development budget, the Ministry of IT has earmarked Rs 27.43 billion, with a significant allocation of Rs 6.28 billion dedicated to fueling 15 new projects aimed at further bolstering the IT landscape.

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