IT Export Surge BBC Report Highlights SIFC Policies & 357% Budget Increase
According to a fresh report by BBC, the increase in IT exports is a result of policy reforms and business-friendly policies introduced by the Special Investment Facilitation Council (SIFC).
The report further said the stability of local currency and allowing freelancers to deposit foreign earnings into local bank accounts is the main factor of this surge in IT exports. The relaxation in retention limit for IT companies from thirty-five to fifty percent by the State Bank of Pakistan is also a factor in this increase.
The IT sector is one of the priority sectors of the Special Investment Facilitation Council and all the stakeholders were taken into confidence in this connection.
Budget 2024-25 357% increase proposed for IT sector
Another significant reason for this increase in IT exports is over twenty-five thousand IT graduates and freelancers, who earned money from foreign companies, which resulted in the surge of foreign exchange.
Earlier today sources revealed that the federal government proposed a significant increase of 357% in the budget 2024-25 for the IT sector.
The Ministry of IT has been allocated Rs 27.43 billion in the development budget, with Rs 6.28 billion for 15 new projects.
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