In a remarkable surge bolstering the Information Technology (IT) sector, exports hit an all-time high under the auspices of the Special Investment Facilitation Council (SIFC) on Saturday.
As per reports, the nation’s IT revenues catapulted to an unprecedented $306 million in March alone. This surge contributed to a cumulative revenue of $2.28 billion during the initial nine months of 2024, marking a substantial year-on-year increase of 17 percent.
At the outset of the fiscal year 2024, IT revenues stood at $2.28 billion, witnessing a remarkable uptick of $275 million solely during March 2024, reflecting a notable 37 percent escalation.
The IT and telecom sector, being a focal point within the SIFC’s purview, has thrived due to concerted efforts spearheaded by the council. The surge in the IT sector’s fortunes is largely attributed to the robust support provided by the SIFC, including significant incentives aimed at bolstering the industry.
Moreover, aside from the substantial increase in dollar inflows facilitated by the State Bank of Pakistan (SBP), a suite of additional measures has been implemented to foster an environment conducive to investment.
Projections by the Ministry of Finance indicate a further uptick in IT revenues, with expectations set at $3.5 billion by the culmination of the fiscal year 2024. This forecast underscores the sector’s resilience and potential for continued growth, buoyed by strategic initiatives and support mechanisms implemented by the government and regulatory bodies.
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